Spartanburg, South Carolina-based Advance America Cash Advance Centers Inc., a major payday lender, will pay nearly $19 million to settle a North Carolina lawsuit accusing it of violating state consumer finance laws. The settlement will affect 144,000 consumers who got a payday loan at Advance America or National Cash Advance in North Carolina after March 2003. Advance America’s short-term loans carried annual percentage rates of as much as 400%, much higher than the state limit of 36%. The settlement must be approved by a judge in Hanover County, North Carolina.
Public Justice lawyers, along with lead counsel Jerry Hartzell of Raleigh; Mona Lisa Wallace and John Hughes of Salisbury; Richard Fisher of Cleveland, Tennessee; Mal Maynard of Wilmington; Carlene McNulty of Raleigh; and Paul Bland should be commended for their very good work in this case.
Source: Associated Press
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