Audit raises questions regarding payday financing oversight

Audit raises questions regarding payday financing oversight

Borrowers overpay nearly 8,100 times

State regulators allow payday lenders slide on significantly more than 8,000 “major violations,” based on the Louisiana legislative auditor, a lapse installment loans for bad credit which had a minumum of one lawmaker Monday formally asking for a joint legislative research.

“You have all of these 8,000 violations and you also have actuallyn’t examined a penalty that is single that’s borderline fraudulence for me,” said state Rep. Ted James II, a Baton Rouge Democrat whose district has an amount of organizations providing the short-term, small-amount loans, such as for example from payday to payday, ergo the title. Read more