Crack Down on Payday Loan Lender in Washington
By J.J. CameronPayday Loan Writer
Sometimes, payday advance operators get slapped with a fine or suspension of their business.
Other times, however, the crime deserves a harsher, more permanent penalty.
Such is a recent case in Washington. Regulators of fast payday loans in the state have cracked down on Expressit Inc. and its owners, Carl and Elaine Ehresman. They've imposed a lifetime ban from the industry on the Expressit owners.
The Department of Financial Institutions (DFI) said the owners have agreed to the ban, while also agreeing to pay more than $300,000 in restitution to more than 350 customers.
The state alleged that the Lacey-based owners violated various lending laws, including:
- Making quick payday loans without a license
- Failing to provide written agreements or disclosures to borrowers
- Making loans with fees in excess of legal limits
- Refinancing payday cash loans with proceeds from other loans.
"The Ehresmans … have 30 days to make restitution to 352 consumers and must provide DFI with documented proof following its completion," DFI officials said in a statement.
