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 Posted: Thu Mar 13, 2008 5:56 pm Subject: Living in Colorado????
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| Quote: | Sonic Cash LLC, an Internet lender, has agreed to refund more than $150,000 in finance charges on nearly 2,300 payday loans made to Colorado consumers in a settlement with the state, Colorado Attorney General John Suthers said.
Some 180 Colorado customers should receive finance-charge refunds by May 12, Suthers' office said in a statement Thursday.
Suthers said the settlement is part of an effort to go after Internet payday lenders who charge higher-than-allowed fees for loans or aren't properly licensed.
He has asked 15 companies to halt online lending in Colorado in recent months, four of which have agreed to comply, and has threatened to sue other lenders that don't comply.
"My office will aggressively investigate consumer complaints about Internet payday lenders, many of whom openly flaunt Colorado law by circumventing our legal limitations," Suthers said in the statement.
"Sonic Cash has set a good example by voluntarily complying with our demands, and we certainly hope other Internet payday lenders will follow suit."
The Colorado Legislature has been considering House Bill 1310, which would impose a cap on payday-lending interest of 45 percent per year. Currently, payday lenders can charge several times the original balance of the loan in interest per year.
The measure has passed in the House and awaited a second reading in the Senate on Thursday.
Many payday lenders said they provide a needed service, that existing laws are sufficient to protect consumers, and that the bill would put them out of business.
According to the statement from Suthers' office, Sonic Cash made loans to Coloradans despite lacking a required supervised lender's license, and also exceeded state limits on finance charges.
Sonic Cash now has applied for a lender's license for a new Colorado division. Suthers said he expects that license to be issued once the finance-charge refunds agreed to in the settlement are paid.
He said consumers with payday-loan complaints can call his office at 303-866-4494 or download a complaint form at www.ago.state.co.us/UCCC/PDF/uccccmpplform.pdf. |
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lovedalehpbear
Joined: 28 Feb 2008
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Posted: Thu Mar 13, 2008 5:57 pm Subject: Just a thought
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google the news button on google for payday loan news---very intersting news stories that are recent!!!check it out!!!!
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lovedalehpbear
Joined: 28 Feb 2008
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Posted: Fri Mar 14, 2008 12:59 am Subject:
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Thanx for sharing the news with us, Love.
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tweetyturner
Joined: 11 Mar 2008
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Posted: Sun Mar 23, 2008 7:22 am Subject:
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I live in Colorado and used Sonic Cash (and ameriloan, One Click Cash, and United Cash Loans, among others) several years ago. With the help of this forum, I was able to get out of the horrible cycle of payday loans AND complain to my state's attorney general about their unfair lending practices.
Due to this settlement, I got a substantial check in the mail yesterday! Now I am selfishly hoping that the attorney general goes after the other companies I did business with. Not to sound egotistical, but I feel like being a squeaky wheel might have really paid off in the long run.
Yet one more reason that living in Colorado is so awesome.
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krussell1970
Joined: 26 Jun 2006
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Posted: Sun Mar 23, 2008 7:39 am Subject:
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Great News love! I just keep on sending these reports to my own AG in the hopes that perhaps, he will take the hint and run with this as well.
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llw1995
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Posted: Wed Mar 26, 2008 3:42 pm Subject:
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Krussell--I'm in Colorado too; how were you able to be included in the refund? I think I might have used one of Sonic Cash's aliases, but not sure...anybody have a list of their DBA's?
thanks!
Andrea
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razmom1
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Posted: Wed Mar 26, 2008 7:35 pm Subject:
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My husband and I were customers of Sonic Cash for about two years, in 2005 and 2006. How embarassing! I'm not sure about any of their dbas--they're not the same as Sonic Payday, I do know that!
Where are you in Colorado, if you don't mind me asking? We're in the southwest corner of the state, near Mesa Verde.
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Posted: Wed Mar 26, 2008 7:37 pm Subject:
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That guest was me. Sorry.
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krussell1970
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Posted: Sun Mar 30, 2008 7:16 am Subject:
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I'm in the Ft. Collins area. Snowing right now! 
Was Sonic a storefront or internet when you were a customer?
I had a few internet pdl's in 2006 & 2007, and now I'm not sure who might have been connected to Sonic Cash (I've searched the board, but there are soooo many posts in each search--it could take a few days to wade through them!) Anyway, it'd be nice to get even a little of the $ I overpaid those places, but I probably missed my opportunity if you've already gotten a refund.
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razmom1
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Posted: Mon Mar 31, 2008 9:56 am Subject:
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We used Sonic on the internet. I didn't have to do anything--the check just showed up in the mail. Maybe call the attorney general's office? They've been very helpful with our issues... Haven't talked to them in a couple of years, though.
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krussell1970
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Posted: Wed Apr 16, 2008 5:56 pm Subject: CO Payday Companies
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That is great.......now only if that can sue the Resource Center. It is owned by Derek R. Jones.
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DDT
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