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Committee reviews amendment to add online consumer-directed wage-access loans to payday database
Summary
An amendment was presented to require consumer-directed online payday and wage-access providers to report loans to the state payday database, aligning them with traditional payday lenders.
A committee amendment was introduced to expand the state's payday lending database to include consumer-directed online payday and earned-wage access providers, bringing those online lenders into the same reporting framework now used by traditional brick-and-mortar payday vendors.
Bill Kolonik, appearing for the North Dakota Pawnbrokers Association and Catalyst HoldCo, told the committee the amendment would "put them on a level playing field with the traditional payday loan vendors in the state" and "require that the consumer-directed... services that an individual uses to get an online loan be reported into the database." He said employer-based earned-wage-access…
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