The quickly growing «payday» lending industry, which charges customers rates of interest of 500 % or even more for short-term loans, faced its very very first major crackdown in Florida on Thursday.
Hawaii charged Jeffrey C. Swank, owner regarding the money Cow string, and four associates with racketeering, usury and other crimes, and seized $565,743 from business and bank that is personal.
The company that is tallahassee that has 15 shops in North and Central Florida, is certainly one of lots of check-cashing chains which have sprung up all around the state in order to make one- or two-week pay day loans at huge interest levels.
The state says Cash Cow defrauded car owners who used their car titles as collateral to borrow money in addition to charging usurious rates for payday loans.
Statewide Prosecutor Melanie Ann Hines filed the fees in Leon County Circuit Court against Swank, 36; Paul J. Shovlain, 58; Christie W. Hughes, 29; Reid E. Smith III, 37; and Michelle Smith, 35. Swank, whom faces 145 fees, ended up being scheduled in the Leon County Jail and released. Others are required to be arrested on the next day or two.
The costs will be the results of a joint research by the Florida Department of Banking and Finance additionally the Florida Highway Patrol. Читать далее