Law360A present choice for the U.S. District Court for the Eastern District of Pennsylvania has highlighted once more the regulatory dangers that the alleged lender that isвЂњtrue doctrine can make for internet-based loan providers whom partner with banking institutions to determine exemptions from applicable state customer security laws and regulations (including usury guidelines). Even though Court failed to reach a decision that is final the merits, it declined to just accept federal preemption as grounds to dismiss an enforcement action brought by the Commonwealth of Pennsylvania against an internet-based payday loan provider whom arranged for a state-chartered bank to fund loans at interest levels surpassing the Pennsylvania usury limit.
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