![]() ![]() AG Cooper, who has asked the company for documents related to their operations in our state, continues to show that he is an advocate for our state's consumers in combating this illegal and predatory practice."ĬRL, a nonprofit research and policy organization based in Durham, found in 2003 that payday lending - which offers short-term loans at interest rates often exceeding 400% APR - costs American consumers more than $3.4 billion per year in exorbitant fees. "Commissioner Smith, as the public official responsible for consumer lending in our state, has taken an important step requiring Advance America to testify in a public hearing. "That Advance America continues to operate 118 payday lending shops in our state shows their contempt for North Carolina's consumer protection laws governing small loans. "CRL and many other groups have believed for years that Advance America and other payday lenders are operating illegally in North Carolina since the sunset of payday authorization legislation in 2001," said Mike Calhoun, CRL general counsel. Attorney General Cooper today issued an Investigative Demand to Advance America to turn over documents relating to its payday lending operations in the state. Webster, IV or appropriate employees of the company to appear at a public hearing into the matter on October 5. The Commissioner of Banks today issued a subpoena for Advance America President William M. and Attorney General Roy Cooper for launching investigations into whether payday lender Advance America is violating the state's usury laws. The Center for Responsible Lending today commended North Carolina Commissioner of Banks Joseph A. ![]()
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