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Article: Payday lender payoff will help consumers learn risks
- Article from:
- Post-Tribune (IN)
- Article date:
- August 17, 2003
- Author:
CopyrightCopyright (c) 2003 Post-Tribune. (Hide copyright information)
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THIS ELECTRONIC VERSION MAY DIFFER SLIGHTLY FROM PRINTED VERSION
Five groups will share $175,000 to educate consumers about personal finance under a settlement with Indiana customers of two payday lenders.
The board of the Indiana Department of Financial Institutions voted last week to release the money, which includes settlement checks issued to payday loan customers that were returned as undeliverable.
The settlement was reached late last year in a federal lawsuit filed in Indianapolis on behalf a class of more than 20,000 Indiana customers of Check Into Cash and Check N'Go Indiana Inc.
The companies agreed to forgive a combined $5 million in customer debt and provide refunds. Some ...