The office of Virginia Attorney General Ken Cuccinelli has reached a settlement with Advance LLC, operating as Advance ‘Til Payday, an Illinois-based consumer lender accused of violating Virginia state statutes. Under the statutes, unlicensed lenders are prohibited from charging and receiving interest greater than 12 percent per year on consumer loans. One exemption allows lenders to charge interest and other fees at agreed-upon rates, but the lender must provide a minimum 25-day grace period for the borrower to repay the loan in full before incurring interest. Between Dec. 1, 2008, and Feb. 6, 2013, Advance allegedly charged borrowers a 15-percent cash advance fee, to be repaid along with the principal by the close of the first billing cycle. The settlement includes a permanent injunction preventing Advance from violating the consumer finance statutes in the future, refunds of all cash-advance fees paid by consumers who received cash advances under certain conditions and within a specific period.