payday lending laws allow a maximum one-time fee of up to $25
for an unpaid check on a single payday loan.
Payday Loan Guidelines
Maximum Loan Term: 45 days
Maximum Loan Amount: $700
15% on the first $500
10% above $500
Financial Institutions (DFI) alleges that Check 'N Go of Washington, Inc. collected multiple checks from borrowers
to secure loans. DFI said it intends to revoke Check 'N Go's
license, impose fines, order restitution, and charge for the
cost of the investigation.
DFI claims that Check 'N Go stores in Puyallup, Tacoma, and
Lacey required borrowers to write multiple checks to secure a
single payday loan and collecting NSF fees from at least 29
borrowers when the multiple checks were returned unpaid.
Washington's payday lending laws allow a maximum one-time fee of
up to $25 for an unpaid check on a single payday loan.
DFI also claims Check ‘n Go obtained and stored personal
identification numbers of of at least 19 consumers without their
consent or knowledge.
If true, the charges could result in a revocation of Check 'N Go's license
and fines of $333,700. Check 'N
Go may request a hearing to defend the charges.
Check 'N Go of Washington, Inc. operates 15 stores throughout
In other payday news, the nation's largest payday loan provider,
Advance America, plans to repurchase $100, million of it's own
Advance America, Cash Advance Centers' existing stock
repurchase program had previously authorized the repurchase of
up to $50 million of the Company's common stock. Through August
15, 2006, the Company had repurchased approximately 3.5 million
shares for an aggregate price of $46 million dollars. The
extension of the stock repurchase program will permit the
Company to repurchase up to an additional $100 million of its
common stock beyond what has already been repurchased.
Chief Executive Officer, Ken Compton said, "The Company's board
has determined that an increase in and continuation of the stock
repurchase program will serve the best interest of the Company
and its stockholders by returning capital to the Company's
stockholders and by providing an attractive investment
opportunity for the Company's funds."
Advance America will amend its revolving
credit facility to permit the repurchase of the additional $100
million of its common stock.
Advance America, Cash Advance Centers, Inc. operates 2,600
locations in 36 states.
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