Illinois lender to refund fees to Va. consumers
Illinois lender to refund fees to Va. consumers, part of settlement of alleged violations
RICHMOND, Va. (AP) -- An Illinois-based lender has agreed to refund cash advance fees to more than 300 consumers in Virginia.
The refunds are part of a settlement announced Tuesday by Virginia Attorney General Ken Cuccinelli.
Cuccinelli's office had alleged that Advance, LLC, doing business as Advance 'Til Payday in the Richmond area, violated Virginia's consumer finance laws by charging a cash advance fee that exceeded the state's interest rate limits.
Cuccinelli says the company typically charged borrowers a 15 percent cash advance fee between Dec. 1, 2008, and Feb. 6. Additional interest was charged if the borrower didn't pay the fee and the principal balance by the close of the first billing cycle.
The settlement must be approved by the Richmond Circuit Court.
