$160,000 Contract Provides Borrower Refunds, Charges
SACRAMENTO – The Department of company Oversight (DBO) finalized a settlement with Advance America’s California subsidiary that continues a broader DBO crackdown on lender avoidance of interest rate limits on small-dollar consumer loans today.
“California consumers deserve a zero-tolerance policy with regards to lender practices that can cause borrowers to pay for greater rates of interest than they ought to under state law, ” said DBO Commissioner Jan Lynn Owen. “We will stay aggressive to find and penalizing such conduct, and making customers entire. ”
The $160,000 settlement requires the subsidiary – Advance America, money Advance Centers of California, LLC (AA LLC) – to refund $82,000 to 519 borrowers and spend an administrative penalty of $78,000.
Advance America is amongst the nation’s biggest lenders that are payday and AA LLC offers that product in Ca. The settled enforcement instance, but, involves conduct beneath the subsidiary’s license to make installment loans into the state. (altro…)
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