Mo. AG sues payday lenders

by Bryan Cohen |
Dec. 2, 2011, 2:00pm


JEFFERSON CITY, Mo. (Legal Newsline) - Missouri Attorney General Chris Koster announced the filing of lawsuits on Thursday in Cole County against two Internet payday lenders for allegedly lending money to Missouri consumers without registering with the state.

Global Payday Loan LLC, doing business both as Fast Cash Advance and Payday Loan Yes, and Ambassador Financial Services Inc., doing business as Nationwide Cash Inc., allegedly failed to register with the Missouri Secretary of State or obtain a license from the Missouri Division of Finance.

Payday lenders in Missouri are required to be licensed by the Division of Finance. Missouri law subjects payday lenders to multiple consumer safeguards, including a cap on interest rates and fees and a limit on the number of times each loan can be renewed.

"Requiring payday lenders to register with the Missouri DOF will help ensure these lenders are complying with the laws and regulations of the state of Missouri," Koster said.

Koster is seeking an immediate halt in loans made by the defendants to consumers in Missouri until the appropriate registration and licenses are obtained. Koster is also calling for restitution of all fees and interest paid by any consumers to these unlicensed lenders.

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