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January 05, 2007

Washington State fines payday lenders $1.2 million

Good news. Washington State's Department of Financial Institutions has fined two predatory payday lenders a total of $1.2 million for state law violations. From the Seattle Times:

The Department of Financial Institutions accused the owners of Zippy Cash and Advance Til Payday with exceeding the state's $700 maximum loan limit for outstanding short-term, high-interest loans to a single person. The companies, which together operate 33 lending stores in Washington, skirted the law by allowing customers to obtain thousands of dollars in loans from different branches, often on the same day, according to the state's charging papers.

Posted by Ed Mierzwinski at January 5, 2007 02:53 PM


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