AFSA Publishes State Payday Lending Database White Paper

This week, AFSA’s State Government Affairs Team published their white paper on state payday lending databases. Many states have passed laws requiring payday lenders to submit information about their customers to a database system. Some states have sought to expand this database requirement to traditional installment lenders, which is unnecessary given the already-thorough regulatory environment in which they operate. The white paper takes a deep dive into the history of payday lending database legislation and the negative effects of expanding them to traditional installment lenders. This month’s white paper, as well as SGA’s previous white papers, is also available under the State Resources section of AFSA’s website.