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CFPB wants repay ability at center of new payday loan rules

By TED CARTER Drawing from a doctrine applied to new rules for residential mortgages, the U.S. Consumer Financial Protection Bureau is proposing that payday lenders verify a borrower’s ability to repay before making a short-term, low dollar loan. Payday lenders now require that borrowers have both a source of income and an active checking account. But the CFPB wants to require ...

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Starkville says no to new payday lenders

STARKVILLE — The city of Starkville will not issue any permits for new payday lenders for at least a year. The board of aldermen voted Tuesday to extend a moratorium that was scheduled to expire on Jan. 1. The moratorium will be in place at least until aldermen adopt a new comprehensive plan. Payday lenders offer quick cash advances – ...

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Survey shows struggle to survive between paychecks

More than 1 in 3 Mississippians took out payday loans or other type high-cost, short-term loans in last five years Mississippi’s legislators faced with having to decide whether to renew a payday lending law in 2012 have a new factor to consider:  More Mississippians than ever are living paycheck-to-paycheck. Unless conventional banks make short-term, low-dollar loans more widely available, Mississippi residents ...

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Payday loans won’t go away

Ridgeland may have struck a blow against the predatory payday lending business, but be sure the practice will not go away quietly, in Mississippi or anywhere else. The City of Ridgeland’s stricter requirements for new payday lenders, pawnshops and other businesses went into effect last week. The restrictions, among other things, prevents such businesses from coming within 2,000 feet of ...

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Payday lenders still barred from city

STARKVILLE — The City of Starkville will not issue any permits for new payday lenders for at least a year, according to The Associated Press. The board of aldermen made the decision Jan. 19 after local officials said 20 such lenders in the city are enough. The moratorium will be in place at least until aldermen adopt a new comprehensive ...

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