Friday, August 18, 2006

Big Case Against Payday Lender

Washington's Department of Financial Institutions has filed a Statement of Charges against a payday lender, Check 'N Go of Washington, Inc. The company allegedly made borrowers write multiple checks for individual loans (often resulting in multiple NSF charges -- in violation of state law) and unlawfully collected borrowers' PINs.

This is an administrative proceeding "to revoke Check 'N Go's license, impose fines, order restitution, and charge for the cost of the investigation." With fines that could add up to $333,000, this is the biggest case in the agency's history. DFI press release: State Files Largest Case Against Payday Lender, Aug. 15, 2006.

For more on payday loans, see:

Thanks to Michele Storms for the lead.

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