BRIEF: Proposal to target Internet lending in Oklahoma

Sun. December 14, 2008; Posted: 03:30 AM

Dec 14, 2008 (The Oklahoman - McClatchy-Tribune Information Services via COMTEX) -- CSCRA | Quote | Chart | News | PowerRating -- Unregulated Internet payday lenders are wreaking havoc with the financial lives of many people in Oklahoma.

"That's an area where we receive a lot of complaints," said Butch Hooper, administrator of the state Department of Consumer Credit.

There are many dangers with taking out a payday loan over the Internet.

Hooper said his agency will propose legislation this year that would declare Internet lending contracts to be null and void if the lender is not licensed.

"The borrower would not be required to pay the money back," he said. "I think that will stop the practice. I don't think anyone will lend money if they know the law states the person won't have to pay them back."

Hooper said the agency is also concerned about collection tactics used by third parties who contract with payday lenders.

The department will propose legislation that would require them to be licensed, he said.

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