By: Trihouse. Stop Online Lending in Maine?
A Maine Bill, L.D. 1691 to end the ability of online lenders to use the ACH system is moving to the full state legislature with the unanimous support of the state’s Insurance and Financial Services Committee.
The Bill, L.D. 1691, addresses the problem of unlicensed payday loans. Currently, payday loan online lenders access borrowers’ bank accounts through firms employing the Automated Clearing House (ACH) system . Bill L.D. 1691 makes it illegal to process these electronic transactions that unlicensed lenders use to access borrowers bank accounts. No one testified at the public hearing that took place for discussing Bill L.D.1691.