This interest possess contributed to new utilization of federal and state guidelines made to discourage, and regularly ban, this type of finance

The new project of the loan doesn’t, not, relieve the modern bank from liability

In the last few years, there’s been higher interest certainly one of loan providers and you may government government of the practice of and then make “high cost lenders” (HCHL). North carolina try the first county in the country to pass through its own statute restricting HCHL. As passage of the latest North carolina statute, some other claims have enacted similar statutes, and today there are various government guidelines and regulations one to control this kind of financing. Continue reading →