Tennessee Regulators to Back Off Some Payday Lenders

November 18, 2013
Nashville Business Journal 
payday lending news

Payday lenders in good standing with the Tennessee Department of Financial Institutions will enjoy a larger gap between inspections, according to WPLN Nashville Public Radio.

The department must check on each of the state's 5,000 non-bank financial institutions once a year. Because of a backlog, however, those payday lenders who already have good track records will go longer between reviews.

Greg Gonzales, commissioner for the Department of Financial Institutions, told WPLN that the department will use a similar strategy for mortgage lenders, starting next year.

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