W.Va. Sues 8 Companies Over Illegal Payday Loans

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BusinessWeek 
August 18, 2010

West Virginia Attorney General Darrell McGraw on Aug. 18 sued eight companies for offering Internet payday loans that are illegal in the state. The litigation asks a judge to order the companies to immediately cease all lending activity and turn over records of their accounts in West Virginia. State law prohibits interest rates of higher than 18 percent on all consumer loans, and McGraw called the payday loans "predatory traps for the many West Virginians facing difficult times." He noted that some of the companies involved in the suit have a track record of questionable practices.
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