Just to be Clear:
The current prohibition of Pennsylvanians from lending on Prosper does NOT have to do with Banking Regs.
It has to do with Securities Regulations and the Registration of Promissory Notes as Securities.
From The Official Prosper Blog, dated 9/22/08:
In response to inquiries regarding the origin of the decision to discontinue lending activity in Pennsylvania, we would like to clarify that this decision relates to the Pennsylvania Securities Commission’s interpretation of Pennsylvania securities regulations. Due to the confidential nature of our discussions with the Commission, we cannot disclose any further information about our discussions, other than to say we respectfully disagree with their interpretation and are attempting to work with them to address their concerns.
More on this here.
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