State Puts Brakes on Online Lender

November 13, 2013
Coeur d'Alene Press 
payday lending news

Financial regulators in Idaho have imposed a cease-and-desist order against AAA Payday Advance, an online lender that is based in Utah and has no license to do business in Idaho. Violation of the licensing requirements renders payday and other consumer loans void, uncollectable, and unenforceable, according to Idaho Department of Finance director Gavin Gee. The cease-and-desist order demands that AAA Payday immediately stop offering or soliciting to provide payday loans in Idaho. Gee also requested that Idaho residents who patronized the firm contact his agency. "We're interested in furthering our investigation to learn the breadth in Idaho undertaken by unlicensed Internet payday lenders," he said.

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