Payday loan providers are exploiting loopholes to evade MaineвЂ™s customer security legislation. Their s hadowy methods a re leaving Mainers into the lurch. Now, the Trump management is drifting a guideline modification that could allow predatory corporations fleece families into the light that is full of.
Due to the established reputation for abusive and unjust techniques , Maine has built a few limitation ations in the payday financing industry , such as for example c aps on costs and interest levels , offering some security to Mainers.
Nevertheless, organizations such as for example OppLoans and EasyPay Finance are utilizing a scheme referred to as вЂњ rent-a-bank вЂќ to evade Maine вЂ™s regulations . Rather than lending to Mainers straight, these businesses are searhing for out banks in states with no consumer that is same set up. Outside of the jurisdiction of MaineвЂ™s laws, these banking institutions go right ahead and charge interest levels in overabundance MaineвЂ™s financing cap. Read More