desist-and-refrain orders to Ameriloan.com, USFastCash.com,
PreferredCashLoans.com, and UnitedCashLoans.com.
Payday loan companies are required to be licensed by DOC under
the California Deferred Deposit Transaction Law. To date, DOC
has issued enforcement actions to 40 payday lenders operating in
violation of state law.
DOC issued desist-and-refrain orders to Ameriloan.com,
USFastCash.com, PreferredCashLoans.com, and UnitedCashLoans.com.
The desist-and-refrain order further forbids Internet Cash
Advance Marketing, Inc. of Vancouver B.C. and President Clive L.
Boulton from offering or arranging payday loans for the online
companies without a state license. In November 2005, a Southern
California customer of USFastCash was levied fees and charges in
excess of the amount allowed under state law.
"Allowing unlicensed Deferred Deposit lenders to operate in the
state unfairly penalizes those companies that are properly
licensed and examined by the department," said Corporations
Commissioner Preston DuFauchard.
The Department of Corporations (DOC) is responsible for the
regulation, enforcement, and licensing of securities,
franchises, off-exchange commodities, investment and financial
services, independent escrows, consumer and commercial finance
lending, DOC residential mortgage lending, payday lenders, check
sellers, bill payers, and debt reduction services.