Maryland Issues Cease and Desist Order Against Online Payday Lenders

September 17, 2013
Baltimore Sun 
payday lending news
Mark Kaufman, Maryland's Commissioner of Financial Regulation, announced Tuesday that his division had issued a final cease and desist order against online payday lenders and their owners. The division initially issued an order in July against Carey Brown and his companies, MyCashNow, Paydaymax,, and other related parties, accusing them of issuing loans that violated Maryland's interest rate cap. Kaufman said some of these lenders may have shut down since then, but he was concerned efforts might be made to collect on these illegal loans, which also is not permitted.

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