State fines payday loan company
The Illinois Department of Financial and Professional Regulation issued an order Wednesday to stop a payday loan company from doing business in the state.
Global Payday Loan, LLC, which does business as Payday-Loans-Yes.com, was also fined $234,000 for charging Illinois customers excessive interest rates and ignoring consumer protections established in the Payday Loan Reform Act.
"It is striking, even after Governor (Rod) Blagojevich worked to enact payday loan reforms that protect Illinois consumers, internet loan operations continue to violate the act, claiming the law doesn’t apply to them," said Dean Martinez, Secretary of Financial and Professional Regulation. Read rest of news..
