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Let me tell you about cash advance watchdog does not have teeth

Let me tell you about cash advance watchdog does not have teeth

BATON ROUGE – Louisiana’s workplace of finance institutions is meant to manage lenders that are payday their state but an audit discovered that the agency does not protect borrowers from getting struck with extortionate costs or even to stop the industry from participating in poor financing practices.

Legislative Auditor Daryl Purpera’s report points out that from Jan. 1, 2010, to June 30, 2013, the agency that is regulating more than 8,300 citations to loan providers but would not impose any charges for violations of state regulations. Instead, it issues sales that lenders don’t have actually to obey because OFI does follow up on n’t its requests to see if customers had been issued refunds when violations happened. (more…)

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