On March 5, 2019, the Arizona Attorney General’s Office (Arizona AG) announced that it had filed a complaint against a California-based online payday lender, its owner, and its wholly owned subsidiary for alleged violations of the Arizona Consumer Fraud Act, A.R.S. § 44-1521 et seq. According to the complaint, the defendants marketed and offered unlicensed loans with interest rates higher than those permitted by state law using a sham relationship with an American Indian tribe to evade state usury statutes. The Arizona AG seeks $10,000 in civil penalties, as well as consumer compensation, disgorgement, and enforcement costs.
Enforcement Watch has previously covered actions involving these online payday lenders, including one action involving the Consumer Financial Protection Bureau here, and other actions by state attorneys general here, here, here, here, here, and here.
The post Arizona AG Files Complaint Against Online Payday Lender appeared first on Consumer Finance Insights (CFI).