Claiming that it is not licensed to do business in the state, the California Department of Corporations has leveled $32,500 in fines against the payday lender Pixycash.com. The lender, operated by Northway Financial Corp. Ltd. and Northway Broker Ltd. of Malta, is accused of soliciting its loan offers to California consumers via the Web. "This type of order is our first step against aggressive and unchecked online solicitations," declared Corporations Commissioner Jan Lynn Owen. "The Department is committed to combating this growing menace to consumers, even when the perpetrators are located offshore." It has already issued alerts this year about unlicensed online lenders based in such far-flung areas as Costa Rica, Belize, and the United Kingdom.
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