Official aims to limit payday loans online.

Nevada payday lenders should be barred from making loans over the Internet to protect consumers in other states, a state official proposed Friday.
The Internet enables payday lenders, among others, to operate around the country without regard to state lines, said George Burns, commissioner of the Financial Institutions Division.
The proposed rule wouldn't prohibit payday lenders with licenses in other states from making payday loans where they have licenses, but it would eliminate the problem of payday lenders in Nevada violating laws in other states, Burns said.
The solution: Bar Nevada payday lenders from making any bad credit loans over the Internet.
At a workshop meeting Friday in the Sawyer Building, one payday lender complained that banning licensed lenders from the Internet would drive borrowers to unlicensed offshore lenders. Burns later suggested that wasn't likely given the impracticability of foreign lenders collecting no fax payday loans in Nevada for as little as $100.
However, he acknowledged that borrowers often need only walk across the street to borrow money from another payday lender.

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