Loan company, officials accused of operating illegally in New Hampshire
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.
CashCall is currently appealing the order. The banking department, however, learned that despite the cease and desist order, CashCall continued its practice.
The attorney general also is joining the CFPB, Colorado and North Carolina in the federal action against CashCall and the others.
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.
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