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

“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 quik cash installment loans online bank’s federal statutory exemptions from state legislation.

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