California Tries to Ban Payday Loans Online

California business regulators are stumbling in their efforts to find and ban an unlicensed form of high-interest consumer credit: payday loans available on the Internet. For three years, the state Department of Corporations has been trying to force these Internet-only businesses to adhere to the same rules that govern the state-licensed payday loan stores that offer short-term, unsecured loans of up to $300.

  • Read the article: Los Angeles Times