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“Rent a bank” plans will be the car of option for subprime loan providers wanting to avoid state usury

10 February, 2021 |by wordcamp | 0 Comments | ace elite installment loans

“Rent a bank” plans will be the car of option for subprime loan providers wanting to avoid state usury

Abstract

“Rent a bank” plans will be the automobile of option for subprime loan providers wanting to avoid state usury, licensure, as well as other customer security rules. In a lease a bank arrangement, a non bank loan provider agreements by having a bank which will make loans per its specs after which purchases the loans from the bank. The non bank loan provider then claims to shelter when you look at the bank’s federal statutory exemptions from state legislation. The legitimacy of these plans is probably the most bitterly contested but still unresolved estion that is legal customer finance for pretty much 2 decades. (more…)

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