Are There Any Laws Regarding Collections For Online Payday Loans?

[Marc]

Despite all states having specific payday lending rules concerning price, duration, etc., few of them provide any guidance regarding collections processes. Accordingly, the rules are provided as follows in overriding order (i.e., the first bullet will override any of the following bullets, the second bullet will override all bullets except the first, etc.): * If a state has collections components in their payday lending laws, those laws are used * If a state does not have collections components in their payday lending laws but does have collections supported by their fair credit reporting laws, the state fair credit reporting laws on collections are used* If a state doe snot have collections components in either their payday lending laws or fair credit reporting laws, the federal fair credit reporting act provides the guidance on collections