JUDGE ORDERS PENALTY Kanawha Judge Orders California Loan Company To Pay $13 Million Penalty
Reported by: Associated Press
Web Producer: Jeff Morris
Reported: Sep. 11, 2012 11:06 AM EDT
Updated: Sep. 11, 2012 11:23 AM EDT
Eyewitness News Photo
Charleston
, Kanawha County
, West Virginia
A West Virginia judge has ordered a California-based loan company to pay a $13 million civil penalty and cancel all debts owned by its clients in the state.
Kanawha County Chief Circuit Judge Duke Bloom issued the penalties against CashCall Inc. on Monday.
Bloom said the company used predatory lending practices and harassed borrowers who fell behind in payments.
The West Virginia Attorney General's Office began investigating CashCall in 2007 after receiving complaints from consumers. The office said CashCall charged interest rates of more than 90 percent. West Virginia consumer protection laws limit these rates to 18 percent.
A lawyer for the company, Bruce M. Jacobs told the Charleston Gazette that CashCall believes Bloom's order is wrong and it likely will be appealed.
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Associated Press
