This should go under my WTF post of the week. Illinois has been laying on the fines. This pdf is on the front page of the Illinois state’s site for January, 2009.
All the payday lender fines start on page 3. Here’s just a taste:
QC Financial Services, Inc., Waukegan – PLRA license (1265) fined $43,650 for the following violations: lender did not verify that the loan was permissible, lender did not enter into the database that the borrower’s loan was paid in full or cancelled on the day the transaction was made,lender made a payday loan that resulted in the borrower having outstanding payday loan(s) more than 45 consecutive days, loans over 25% of borrower’s income, lender made a payday loan resulting in the borrower having a combined outstanding payday loan principal balances greater than 25% of borrower’s gross monthly income, lender did not properly enter loan(s) into the database onthe day made, and official income documentation was not the required type for a payday loan or was not for income for the 30 days preceding the loan.
Illinois’ new motto should be protecting consumers long enough to get our cut.
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