That sounds as though the payday stores sought out the banks
The majority opinion says that BankWest uses “Tele-Track,” a third-party loan-processing agent to approve or disapprove loans, and that Advance America also uses Tele-Track in states where Advance America makes loans in its own name. Ante, at 1295 & n. 5. We are not told the significance of that fact. It erica also use the same brand of copy machine or the same long-distance carrier, but so what?
The majority may be hoping that some readers will infer from the fact that Tele-Track is commonly hired to apply a lender’s loan criteria that BankWest and Advance America use the same loan criteria. The record provides no support at all for that inference; it is silent about what underwriting criteria Advance America uses when Youngston financiOH payday loans making loans itself instead of acting as an agent for a lender. The record, however, does show something on that subject about three other cash advance stores that serve as Georgia agents for out-of-state banks. It shows that when those stores are located in states that allow them to make this type of loan directly to consumers, they use different underwriting criteria than the out-of-state banks use in Georgia.
” Ante, at 1294. There is nothing in the record to show who sought out whom. It would be just as accurate to say that the banks entered into arrangements with those stores to serve as the banks’ agents in Georgia. In fact, an affidavit in the record does put it that way: “BankWest contracted with Advance America to act as BankWest’s authorized fiscal agent in Georgia. . . .”
Indeed, a heavy federal presence in the field and extensive federal regulation of national interest rates extends back at least as far as the 1884 amendments to the National Bank Act of 1864
Maybe a little more explanation will help. Leia mais →