Number of Licensed Payday Lenders in Idaho Drops
BOISE, Idaho (AP) — The number of licensed payday lenders dropped 34 percent last year. Expected new federal regulations could be the cause of the decrease.
The Idaho Statesman reports the number of payday lenders decreased from 223 to 147 in 2015, according to the Idaho Department of Finance. State officials say the decrease could also mean the industry on the decline.
The new federal regulations are expected to require lenders to make sure borrowers can repay their loans, to limit such loans to 45 days, and to establish a 60-day "cooling off" period after a borrower has taken out three loans in a row.