Narrow Definition of a Payday Loan Allows Lenders to Avoid Regulation Entirely In addition to these problems, ... For example, the payday loan must be offered as closed-end credit, it must be for no more than 91 days, must be secured by a ... Instead of securing these loans with a personal check, applicants must provide five personal references and mortgage servicer or landlord contact information.
|Title||:||HR 1214, the Payday Loan Reform Act of 2009|
|Author||:||United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit|