United States:
Settlement Between North Carolina And Payday Lender Serves As Reminder To Payment Processors
12 July 2016
Troutman Pepper Hamilton Sanders
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On June 6, the Attorney General for the State of North Carolina
executed a settlement agreement with a payday lender,
Future Income Payments, LLC, arising out of the payday lender's
alleged violation of that state's usury laws. The settlement
agreement requires the lender to pay North Carolina $50,000 in
attorneys' and investigation fees, plus a $59,000 penalty. This
case serves as a reminder to lenders and payment processors that
they must be cognizant of usury laws of the state in which the
consumer is located.
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