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9 Denver Payday Loan Lenders Initiated Lawsuit

9 Payday loan lenders initiated lawsuit against the rules put forth by the states according to which payday loan lenders must refund some fees to consumers who prepay their loans.

9 lenders try to achieve review of the new rules brought into practice by the Colorado Uniform Consumer Credit Code administrator in August. 9 Denver Payday Loan Lenders Initiated Lawsuit

According to 3 different interpretations, the administrator Laura Udis, who is also a deputy attorney general, bounced from saying the refund was to apply to origination fees and interest fees, to stating only interest fees, and then back again.

A defendant in this suit, attorney General John Suthers' office said the rules were interpreted by them as they are.

The state examination of Stonepride Financial Corp. (among the plaintiffs) fueled the controversy, as the examination showed the company didn't not properly refunded portions of a consumer's origination fee.

The Stonepride Financial Corp. was made to refund the money or be punished. The company can be deprived of license.

Posted on Tue, 2011-02-01 05:39
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