Idaho Senators have agreed to consider a bill that would require licenses for online payday lenders.
Payday lenders provide short term loans with high interest rates and usually cater to lower-income borrowers, and currently online payday lenders are not required to be licensed by the state.
Bill sponsors say that online payday lenders who cater to Idaho consumers should adhere to the same consumer protection laws as payday lenders who operate actual stores in the state. The state currently has no authority to help any Idaho consumer harmed by an online payday lender.
The state’s payday loan law was last revised in 2003 to cap the maximum amount a customer can borrow in any 24-hour period at $1,000. (AP)
