Payday Lending

Richmond, VA: (Jan-17-08) The State Corporation Commission brought charges against Check n' Go, the nation's second largest payday lender, alleging that the company violated numerous state laws regulating the industry. The State Corporation Commission stated that it cannot disclose which laws Check n' Go violated because such reports are kept confidential. A former Check 'n Go manager, William Harrod, wrote to legislators in July 2007, detailing how he was trained to always push the maximum loan on customers, threaten those who did not pay, and hack into borrower's bank accounts using their personal information. Regardless, the commission stated that the company had agreed to a settlement, in which it would pay Virginia $100,000, resolving allegations. The maximum fine for each violation is $1,000. The company, owned by Eastern Specialty Finance Inc. out of Ohio, waived a hearing and offered instead to pay $100,000, ending litigation. [FORBES: PAYDAY LENDING]

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Published on Jan-19-08