A week ago Florida joined the growing list of fourteen state AGs and federal regulators which have sued payday lender CashCall Inc., better known from TV ad insertions by the front name Western Sky, which suspended operations in September. The new complaint hits all the expected marks: Failure to register with the state, ridiculous interest rates, illegal extortionist collection tactics, and the absurd notion that none of their antics are illegal due to their claim of "sovereign nation" status, which the actual Indian nation invoked has refuted.
The AG complaint counts "6030 usurious loans" accepted by the "financially distressed" who soon find that "after repaying the loan amounts plus additional sums, they believed they were close to paying off the loans; however, after contacting [the defendants] or receiving collection calls or notices .... consumers learned that due to the loans' exorbitant interest rates, virtually all of their payments were allocated to interest -- thus making it impossible for many consumers to repay ..."
The complaint also says that CashCall leans on distressed and abused borrowers to repay "to prevent further damage to their credit histories", like somehow that still matters when you're being bled from the neck like cattle.
Attorney General Bondi and OFR Commissioner Breakspear Sue Consumer Finance Companies for Illegal Interest and Annual Percentage Rates
http://www.myfloridalegal.com/newsrel.nsf/new ... 5257C4A0076A03F
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