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The Indiana Law that resulted from negotiations with the Community Financial Services Administration, a payday loan industry group, enacted strong consumer protections and has resulted in a viable short-term loan industry in that state.
Contrary to the claim of opponents to the Monsignor Egan Payday Loan Reform Act (HB 1100), regulations similar to those proposed in Illinois have not cost jobs and business in the payday loan market. Since passage of the law, the number of payday loan stores has increased from 310 to 470.
In Indiana, like in Illinois, the CFSA negotiated in good faith. According to J. Philip Gordon, Deputy and Chief Counsel, Indiana Department of Financial Institutions, “It was the efforts of the CFSA that recreated the industry into a viable and law compliant industry that causes us little or no concern.”
posted by Rich Miller
Thursday, Apr 7, 05 @ 6:55 am
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