North Carolina Rules Against Payday Lending
Binyamin Appelbaum reports for the Charlotte Observer on a ruling yesterday by the North Carolina banking regulators that payday lender Advance America violated state law by charging excessive interest rates on short-term loans.
In a press release, Advance America commented:
"While we knew that a ruling from the Commissioner of Banks was forthcoming, we are nevertheless disappointed by the Commissioner's order," stated Kenneth E. Compton, the President and Chief Executive Officer of the Company. "We continue to believe that we have always conducted business in North Carolina in compliance with all applicable laws and we will therefore continue to vigorously defend the agency business model. Regrettably, the Commissioner's ruling will eliminate one of the few short term financial options North Carolina consumers have available to them."
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