Maryland goes after payday loan providers’ banking institutions to cease unlawful loans

Maryland’s monetary regulator is attempting to avoid unlawful payday that is online by going following the banking institutions that make the loans feasible.

“with no payday lender’s bank, the payday loan provider can’t run in my state, ” stated Mark Kaufman, commissioner aided by the state’s unit of economic legislation.

These banking institutions offer use of the system which allows online payday lenders to immediately withdraw loan re payments from clients’ records.

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