Policy on Responsible Lending

State Regulations

Lenders and lending partners are required to abide by applicable federal, state and local laws. This may include interest rate limits, loan terms, limits on rollovers, the number and frequency of loans, fees, and more. Before you accept any loan, you should educate yourself in regard to the loan you are seeking, including the rules, regulations and laws that might apply to that loan and the lender or lending partner offering it.

Truth in Lending Act (TILA)

The Truth in Lending Act requires lenders and lending partners to give you in writing the exact fees, interest rate and other details regarding your loan. This should be presented to you prior to any agreement being executed. lenders and lending partners may not offer terms that exceed any applicable laws, regulations, or rules. Most specific terms of your loan will be governed by the applicable state law.

Dodd-Frank Wall Street Reform Act

The Dodd-Frank Act requires that all lenders and lending partners practice fair lending. The Act empowers the Consumer Financial Protection Bureau (CFPB) to issue regulations that prohibit abuse and unfair lending practices, which includes regulations designed to prevent disparities among consumers of equal creditworthiness but are of a different race, ethnicity, gender or age.

Opening a New Account (including loans) Requires Disclosure of Personal Information

Federal law requires lenders and lending partners and other financial institutions to know who they are working with. The law is designed to fight money laundering and funding of terrorist networks. Therefore, you may be required to provide your name, date of birth, address, your social security number and other information. Your lender or lending partner may ask you to provide a valid state or federal ID to verify your personal information.

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