Jim and Carrie Carroll at Carroll and Carroll, P.C. represent the injured people of Pennsylvania and New York in Bradford, Sullivan, Tioga, Susquehanna, and Chemung counties in personal injury, premises liability, slip and fall, automobile accident and workers’ compensation cases Jim and Carrie Carroll at Carroll and Carroll, P.C. represent the injured people of Pennsylvania and New York in Bradford, Sullivan, Tioga, Susquehanna, and Chemung counties in personal injury, premises liability, slip and fall, automobile accident and workers’ compensation cases
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    6/2/2008
    James R. Carroll, Jr., Esquire
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    Pennsylvania Supreme Court says high-cost loans violated Pa. banking laws

    From CentreDaily.com:

    The Pennsylvania Supreme Court ruled Thursday that payday loans that cost borrowers a $150 monthly fee plus 6 percent interest violate state consumer law.

    The high court upheld a Commonwealth Court ruling last year that fees charged by Advance America Cash Advance Centers exceeded limits of the state's Consumer Discount Company Act.

    The state Banking Department sued Advance America over its "monthly participation fee" for their $500 lines of credit, calling them illegal and usurious.

    Advance America spokesman Jamie Fulmer said Thursday he was not familiar with the decision and could not comment. The Spartanburg, S.C.-based company announced in December it was shutting down its Pennsylvania operations because of the Commonwealth Court decision.

    "When you're not in a position to generate any revenue, you can't cover your cost," he said. All of the company's Pennsylvania stores have been closed, he said.

    Advance America calls itself the nation's leading payday advance company, with more than 2,800 centers.

     

    ***These companies act like they are merely doing a wonderful service to the poor of America so why should anyone be picking on them?!?!  Pay day loan companies, by the most part, are dishonest and pray on the uneducated and uninformed.  It's a trap for any unsuspecting person who just needs a few hundred dollars for rent until the next pay day.  Unfortunately, these people will be paying back thousands.  What a world we live in.....
    Labels: case law class action


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