If so, you could find yourself subject to the Payday Loan Rule.
Now, there are several types of loans that are not subject to the Rule, including purchase-money loans and loans secured by real property. In addition, there are exemptions for loans and/or lenders meeting certain conditions.
However, one of these exemptions will require periodic “look-backs” to make sure you continue to fall within certain thresholds. The loans that could fall subject to the Rule really go beyond what you may think of for a “Payday Loan”. Even if your plan is to avoid making loans subject to this Payday Rule, you will need to understand what’s covered and what’s not.
Listen to the video as Kevin explains some solutions we have coming up.
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