Wednesday, August 10, 2005

Washington Payday Loan Firm Agrees To Pay Fines

By John Mitsuda
Payday Loan Writer

Seattle, WA — Fast Cash Loans, a local chain of payday loan stores, which was under investigation for illegal lending and collection practices has agreed to pay the state of Washington more than $50,000 in fines and legal costs. In addition, J. Blake Goldberg, chief executive and founder of the company, has personally paid $30,000 in fines.

Fast Cash Loan offices around the Puget Sound region remain open but are under new management. The quick payday advance company is under close supervision by the department, spokesman Scott Kinney said.

Last fall, Department of Financial Institutions officials filed administrative charges against Pacific Financial Holdings and four employees, including Goldberg, to revoke the company's license. The department subsequently reached a settlement with the company

The state had accused Pacific Financial Holdings of abusive debt collection practices (including posing as fraud investigators), overcharging on fees, lying about loan percentage rates and failing to keep accurate records with financial regulators.

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