Pennsylvania Attorney General Shuts Down Payday Loan Website
By Roman ParchowskyPayday Loan Writer
Pennsylvania's Attorney General shut down payday loan website owned by Ace Pays, Inc. The website was advertising payday loans that charged more than 600% APR.
Ace Pays, Inc., will shutter its Internet site, pay $70,000 in fines and costs, and refund consumers the amount of interest paid above the maximum 6 percent allowed under Pennsylvania law, said Attorney General Tom Corbett and Pennsylvania Banking Secretary Bill Schenck.
February 27th, 2006 at 3:10 pm
[…] When Advance America began operations in 1997, Fulmer said, only 15 states had legislation enabling payday lending. Now, 37 states plus the District of Columbia have such legislation, he said, and legislation is now being considered by the Pennsylvania legislature. […]