Category Archives: requirements for a payday loan

QUIK PAYDAY INC v. People In America for Tax Reform; On The Web Lenders Alliance, Amici Curiae.

QUIK PAYDAY INC v. People In America for Tax Reform; On The Web Lenders Alliance, Amici Curiae.

A complaint was received by the OSBC from a Kansas customer about that loan deal with Quik Payday.

The agency reacted by purchasing Quik Payday, that has been instead of its variety of licensed lenders that are supervised to make papers regarding its loans to Kansas residents. Quik Payday submitted the required papers, which unveiled the above-mentioned 3,079 payday advances to 972 Kansas residents. The OSBC issued a synopsis purchase that needed Quik Payday to prevent all payday financing to Kansas residents, halt any collections on outstanding loans, spend a civil penalty of $5 million, and go back to the borrowers the attention, solution charges, and earnings from the 3,079 loans. Your order also barred Quik Payday from applying later on to be a licensed payday lender in Kansas. Quik Payday timely asked for an administrative hearing to challenge your order. Continue reading »