Nevada trying to cut down on Internet payday loans

George Burns, Commissioner of the Financial Institutions Division, wants Nevada to stop Nevada licensees from giving loans to borrowers in other states.

He doesn’t have a problem if you are licensed in that “other” state.

Mr. Burns may have a legitimate beef, but it’s probably misdirected. His department has to deal with these complaints. He would rather a Missouri borrower deal with the Missouri Regulation body.

The main issue I have here is that you inevitably start discriminating against lenders who are trying to play by the rules. The lenders that are giving the state of Nevada problems will find some other way to do so, directly or indirectly.

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