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Let me make it clear about pay day loan watchdog does not have teeth

BATON ROUGE – Louisiana’s workplace of finance institutions is meant to manage payday loan providers across their state but an review unearthed that the agency does not protect borrowers from getting hit with extortionate charges or even stop the industry from doing poor lending methods.

Legislative Auditor Daryl Purpera’s report points out that from Jan. 1, 2010, to June 30, 2013, the regulating agency issued more than 8,300 citations to loan providers but would not impose any charges for violations of state laws and regulations. Alternatively, it issues instructions that lenders don’t have actually to obey because OFI doesn’t followup on its instructions to see if consumers had been released refunds whenever violations took place.