Regulatory Alerts2014-09-22
Compliance Notice to Payday Lenders and Third-Party Collectors
The Idaho Department of Finance issued this notice to address consumer complaints regarding the sale of payday loan debt to unlicensed agencies and the collection of void loans by licensed agencies. The Department warns that payday loans made in violation of Idaho licensing requirements are void and unenforceable, making any collection attempts subject to fines, restitution, or license revocation. Licensed payday lenders are further cautioned against assigning delinquent loans to unlicensed collectors, with resources provided to verify licensee status online.
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