Washington's payday lending laws allow a maximum one-time fee of up to $25 for an unpaid check on a single payday loan.

Washington state's Department of 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.

Although aggressive in their tactics against the payday lending industry, DFI's publications are at least fair, and offer real-world advice supported by the payday loan industry. See the Community Financial Services Association's Payday Loan Industry Best Practices here.

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 Washington.

In other payday news, the nation's largest payday loan provider, Advance America, plans to repurchase $100, million of it's own stock.

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.

Advance America's 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.