Payday lenders sue to block Alabama database - ABC 33/40 - Birmingham News, Weather, Sports

Payday lenders sue to block Alabama database

Posted: Updated:
STATEWIDE -

Payday loan businesses are suing to block a new loan database planned by the Alabama Department of Banking.  Several payday loan businesses, including Cash Mart, Rapid Cash and Quick Cash, filed the suit in Montgomery County Circuit Court and asked Circuit Judge, Truman Hobbs, to stop the department from creating the database by regulation.

 

Last week, Governor Robert Bentley announced the Department of Banking would start a database of payday loans to make sure lenders don't issue more than the $500 limit allowed by the state law.  The payday loan businesses argue that the state is trying to create the database by regulation after the Legislature rejected a bill to do it last spring.  The suit also contends the database is discriminatory because it doesn't apply to banks and online lenders.

Most Popular
Stories
Videos
loading...