What’s interesting about this settlement is that the five payday loan companies involved were located inside the state of New York. Does this mean that fines do not work with lenders outside the state?
Also, $3.2 millions among five companies is not a large portfolio.
“The five companies have agreed to pay more than $300,000 in restitution and penalties and to reverse 8,550 negative credit reports they have filed on their customers. They also have been prohibited from collecting interest on more than $3.2 million of loans.”
Read the full article at American Banker.
