Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Internet lender owes millions in restitution to MN borrowers

 


St, Paul, MN (Learfield Data Services) - An internet lender based in California is barred from doing business in Minnesota unless it complies with state lending laws.

Minnesota Attorney General Lori Swanson says the court-approved consent judgment orders CashCall, Incorporated to provide more than $11.7 million in relief to about 6,000 borrowers in Minnesota.

Under the settlement, the company must pay $4.5 million in restitution to customers, cancel more than $5.2 million in outstanding loans and notify third party companies that bought outstanding loan balances of nearly two million to cancel the debt.

http://kfgo.com/news/articles/2016/aug/18/internet-lender-owes-millions-in-restitution-to-mn-borrowers/

 

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