Minn. Settles Lawsuit with Online Payday Lender
A short-term Internet lender will pay a fine of $760,000 to settle a lawsuit brought by the Minnesota attorney general.
As part of the settlement, Sure Advance LLC also will stop lending to Minnesota residents until the company is properly registered in the state.
Attorney General Lori Swanson's office had sued Sure Advance and four other Internet lenders in September 2011, after an investigation found that some were charging unlawfully high interest rates of up to 782 percent.
Sure Advance made loans to more than 1,200 Minnesota residents. The fine will go into a consumer restitution fund.
A Sure Advance employee reached Wednesday at its Delaware headquarters told the St. Paul Pioneer Press the company would not comment immediately.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)