Financial Services Industry
Industry: Email Alert RSS FeedPayday Loan Banned In Penn.
Credit Union Journal, The, August, 2007
A Pennsylvania court has ruled that Advance America, the largest payday lender in the U.S., cannot offer its "Choice Line of Credit" to consumers in this state.
The court ruled that the product, which allows customers to borrow up to $500 if they pay a $149.95 monthly "participation fee" and 5.98% interest, violates Pennsylvania's Consumer Discount Company Act. The court referenced Pennsylvania's significant interest in protecting borrowers from exploitative lending practices in finding that the law applies to this product.
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Acting Banking Secretary Victoria A. Reider said she will seek restitution through the court requiring Advance ...
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