Banking Commission Shoots Down Payday Loan Company Appeal in North Carolina
By J.J. CameronPayday Loan Writer
Sorry, North Carolina payday loan lenders, you're still barred from practicing in the state.
The N.C. Banking Commission voted unanimously this morning to uphold a ruling that forced the payday advance lending industry to leave the state. Advance America had already closed its stores in anticipation of December's ruling outlawing payday loans from the area.
But the Spartanburg company also appealed, seeking the right to return. The board, which oversees Smith, upheld the ruling with no discussion, following a recommendation from a committee.
"A civilized society does not allow these kinds of interest charges," board chair and state treasurer Richard Moore said after the vote.
The company can now appeal to the state court system. The chances of cash loans returning to North Carolina are not very strong, though.
