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Payday lender Check 'N Go faces license revocation, fines
August 17, 2006 - Olympia, Washington
Washington state's Department of Financial Institutions (DFI) alleges that Check 'N Go of Washington, Inc. collected multiple checks from borrowers to secure loans. DFI said it intends to revoke Check 'N Go's license, impose fines, order restitution, and charge for the cost of the investigation. Although aggressive in their tactics against the payday lending industry, DFI's publications are at least fair, and offer real-world advice supported by the payday loan industry. See the Community Financial Services Association's Payday Loan Industry Best Practices here. DFI claims that Check 'N Go stores in Puyallup, Tacoma, and Lacey required borrowers to write multiple checks to secure a single payday loan and collecting NSF fees from at least 29 borrowers when the multiple checks were returned unpaid. Washington's payday lending laws allow a maximum one-time fee of up to $25 for an unpaid check on a single payday loan. DFI also claims Check 'n Go obtained and stored personal identification numbers of of at least 19 consumers without their consent or knowledge. If true, the charges could result in a revocation of Check 'N Go's license and fines of $333,700. Check 'N Go may request a hearing to defend the charges. Check 'N Go of Washington, Inc. operates 15 stores throughout Washington.
News Source
RTO Online, Staff Writer
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