23 Mar $100 loan.MADIGAN that is payday DOWN ON UNLICENSED, PREDATORY PAYDAY LENDERS
April 8, 2014
Attorney General, Department of Financial & Professional Regulation do something Against Online Payday Lenders & Lead Generator Promoted by Talk Show Host Montel Williams
Chicago — Attorney General Lisa Madigan today filed five legal actions in a sweep cracking down on unlicensed, online payday lenders and that loan lead generator promoted by talk show host Montel Williams for illegally providing costly, predatory loans that trap Illinois borrowers in extortionate, cyclical financial obligation lots.
Madigan filed legal actions this week in Cook County Circuit Court with respect to the Illinois Department of Financial and Professional Regulation (IDFPR) against four out-of-state payday lenders that are running solely online, offering payday advances racked with charges being twice the quantity allowed under state legislation. The lawsuits allege BD PDL Services LLC, Mountain Top Services I LLC, Red Leaf Ventures LLC and VIP PDL solutions LLC charged Illinois borrowers $30 for each and every $100 loaned and permitted borrowers to get numerous loans at when.
The pay day loan Reform Act limits the fees a consumer can be charged by a payday lender to a maximum of $15.50 per $100 loaned. Payday loan providers cannot issue a loan to a customer in the event that loan would end in their being with debt to 1 or maybe more payday lender for a lot more than 45 consecutive times, plus they cannot issue that loan to a customer whom currently holds balances on two loans.