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The Bureau established regulations for payday loans, vehicle title loans, and certain high-cost installment loans in the 2017 Final Rule

II. Background

A. The 2017 Final Rule

The Rule had been posted into the Federal enter on November 17, 2017. It became effective on January 16, 2018, although many provisions (§§ 1041.2 through 1041.10, 1041.12, and 1041.13) have conformity date of August 19, 2019.

As stated above, the 2017 Final Rule addressed two discrete subjects: The Mandatory Underwriting Provisions and the Payment Provisions. 9 The Mandatory Underwriting Provisions recognized as an unjust and practice that is abusive making of certain short-term and longer-term balloon-payment loans without fairly determining that customers will have a way to settle the loans relating to their terms. The Mandatory Underwriting Provisions include two practices that license providers to provide covered short-term and longer-term balloon-payment loans. Continua a leggere