$160,000 Contract Provides Borrower Refunds, Charges
SACRAMENTO – The Department of company Oversight (DBO) today finalized a settlement with Advance America’s California subsidiary that continues a wider DBO crackdown on loan provider avoidance of great interest price restrictions on small-dollar customer loans.
“California consumers deserve a zero-tolerance policy with regards to lender practices that can cause borrowers to cover greater rates of interest than they need to under state law, ” said DBO Commissioner Jan Lynn Owen. “We will stay aggressive to locate 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. [Read more…] about DBO Settlement with Advance America Subsidiary Continues Crackdown on Interest Cap Avoidance