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082313 - The Department of Business Oversight has issued a consumer bulletin on unlicensed online lending. The Department warns potential borrowers to take extra caution when dealing with unlicensed Internet person to person loans paperwork lenders who fail to obtain a license with the Department of Business Oversight, evading state laws and regulations designed to protect consumers.
The Alert provides advice and contact information to report unlicensed lenders. The bulletin can be found here.