DBO Settlement with Advance America Subsidiary Continues Crackdown on Interest Cap Avoidance
$160,000 Contract Provides Borrower Refunds, Charges
SACRAMENTO – The Department of company Oversight (DBO) today finalized a settlement with Advance America’s California subsidiary that continues a wider DBO crackdown on loan provider avoidance of great interest price restrictions on small-dollar consumer loans.
“California consumers deserve a zero-tolerance policy with regards to lender practices that can cause borrowers to pay for greater rates of interest than they need to under state law, ” said DBO Commissioner Jan Lynn Owen. Read more