Legislators and payday loans lending companies continue to debate on the role of online short-term loan resources. A proposed payday lending bill will change the way they are regulated. The bill is sponsored by Democrat Representative Joe Baca of California and Republican Representative Blaine Luetkemeyer of Missouri. The measure will allow online lending resources to provide services, promotions, and messaging more consistent with their storefront lenders in every state.
At present, lending companies that provide online services are required to conform to regulations of each state. Supporters of the bill said that federal supervision would decrease the confusion. Some of those who support the bill are lending companies that cater to both online and storefront consumers at a local and national level.
The Consumer Financial Protection Bureau has the authority to regulate short term lenders in the federal level. Online loan companies must adhere to the federal regulations as well as the rules of each individual state.
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