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Pay Day Lending Rule

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  • March 31, 2022 at 10:57 am EDT #36583
    TheBank
    Participant

    When is the Pay Day Lending rule effective? I believe at one time it was scheduled to be effective 6/13/2022. I read that there was a stay, but that it was lifted, but then appealed with the 6/13/2022 stayed until 286 days after the appeal has been resolved. That sounds like it would not be effective then until at least 2023 maybe. Is there a new effective date? or estimated effective date?

    April 1, 2022 at 5:08 pm EDT #36626
    jholzknecht
    Keymaster

    Your analysis of the timing is accurate. A hearing is scheduled in a couple of weeks. We should know more then, but you are correct, it will be a while before everything is concluded.

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