Apr 19, 2014
Apr 10, 2014
Apr 3, 2014
Mar 12, 2014
Loan company and its officials accused of operating illegally in NH
CONCORD — A predatory online loan company, charging more than $50,000 in interest on a $10,000 loan, is operating in violation of New Hampshire law, according to state and federal authorities.
New Hampshire Attorney General Joseph A. Foster, in a news release, said the federal Consumer Finance Protection Bureau (CFPB) field an action in U.S. District Court in Massachusetts Monday against CashCall Inc., WS Funding LLC, Delbert Services Corp. and J. Paul Reddam alleging they violated the federal Consumer Protection Act by buying, servicing and collecting on consumer installment loans that state laws rendered void or which limited the collection of those loans.
The CFPB complaint alleges, in part, that the defendants issued the loans in violation of New Hampshire state law.
Foster said that on June 4 the N.H. Banking Department issued a cease and desist order against CashCall and the others alleging they made payday or small loans to New Hampshire residents without obtaining a license to do so in violation of state law. The banking department also alleged they engaged in unfair and deceptive acts and practices in connection with the loans.
CashCall is currently appealing the order. The banking department, however, learned that despite the cease and desist order, CashCall continued its practice. As a result, it referred the matter to the attorney general to seek enforcement of the order in Superior Court.
The attorney general also is joining the CFPB, Colorado and North Carolina in the federal action against CashCall and the others.
On its online website, CashCall says it issues personal loans for up to $25,000 with interest rates as high as 89.68 percent for a $10,000 loan payable over seven years at $743.49 a month. Someone taking out the $10,000 loan would pay a total of $62,412, or more than $52,000 in interest or more than five times the loan amount.
READER COMMENTS: 0
- Four burglaries reported in Manchester on Thursday - 0
- Manchester woman arrested twice in two days - 0
- Police say trio used Craigslist to lure, rob contractor - 7
- Burglars take $210K in cash from safe in Salem home - 0
- Judge rejects new rape trial for ex-Salem planning board member - 0
- Manchester Crimewatch: Man accused of writing company checks to himself - 0
- Police say man clocked doing 100 on Route 11 in Wilmot - 0
- Portsmouth arrests 2 for heroin sales - 5
- Student brings knife into Nashua school - 0
READER COMMENTS: 0
- NH Legal Perspective -- Health care decision making: Pending legislation fills gap - 0
- GoShopNH offers workshop to NH artisans on selling their products online - 0
- Christopher Thompson's Closing the Deal: Be a student of your profession - 0
- NHIAA Boys' Lacrosse: Bedford proving Division I-worthy - 0
- NHIAA Baseball: Londonderry's Corey escapes seventh-inning jam in win - 0
- Pope presides at Vatican Mass leading Catholics into Easter - 0
- Top-ranked B's seek to tie up series - 0
- Bottoms up for Red Sox in win over Orioles - 0
- Struggling Fisher Cats defeated again - 0
Man electrocuted at Keene brush fire
- Mass. Supreme Judicial Court has found upskirt photos taken on a subway aren't illegal. Should such voyeurism be a crime?
- Total Votes: 917