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Tag Archives: Payday lending

State awaits response from payday lending firm

The Mississippi Department of Banking and Consumer Finance is awaiting statewide payday lender All American Check Cashing’s response to findings the department made in its investigation of alleged illegal loan rollovers. Stephen Schelver, attorney for the Banking Department, said subjects of department investigations typically reply within 30 to 60 days, though no hard deadline is in place. He said he ...

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Lawmakers once again reject bill to repair payday lending glitch

Rep. Adrienne Wooten, a Hinds County Democrat, tried unsuccessfully again this year to fix a glitch in Mississippi’s payday lending law that was suppose to give borrowers 30 days to repay loans of more than $250. Instead of the 30 days, borrowers have been getting only two weeks to repay the loans before new fees kick in. A provision in ...

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BankPlus recognized for alternative program to payday lending

RIDGELAND — BankPlus and City First Enterprises of Washington, D.C., are the winners of the inaugural Empowerment Awards, which recognize promising projects that provide or encourage access to safe, fair financial services in underserved communities. BankPlus won in the Community Development Banking category for its innovative alternative to payday lending, and City First won in the Access category for its ...

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Payday lender, fired executive exchanging blame for lender’s regulatory woes

Lawyers for payday lender All American Check Cashing and a fired executive of the Madison company are trading accusations of criminal activity. All-American blames the former executive for the hot water it is in with state regulators; the out-of-work executive alleges the company fired him for not participating in illegal activities that included under-the-table payments to state legislators. Hattiesburg lawyer ...

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All American buys Check Express for undisclosed sum

MADISON and BROOKHAVEN — All American Check Cashing has completed the acquisition of Check Express of Brookhaven. Terms were not disclosed. This marks the fourth acquisition for All American this year, including the May 2013 acquisition of Cash Cure of Brookhaven. Michael Gray, president of All American Check Cashing, said, “We are still are still aggressively expand our payday and ...

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State House passes payday-lending bill despite objections

JACKSON — The Mississippi House has voted to let payday lending businesses keep operating in the state beyond 2015, despite objections by some lawmakers that the shops congregate in poor neighborhoods and take advantage of people who might not be financially savvy. Supporters say the businesses provide easy access to cash for people who might not be able to get ...

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All American completes purchase of Check Exchange locations

MADISON — All American Check Cashing has completed the acquisition of six Check Exchange of Mississippi retail locations. Terms were not disclosed. This marks the second merger for All American this year and increases the total number of retail stores in Mississippi to over 38. In June, All American completed the merger and acquisition of Emergency Cash of Byram and ...

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Controversial payday lending bill approved by Senate

JACKSON — The Mississippi Senate has passed the final version of a bill designed to reduce fees on payday loans, sending the legislation to the governor’s desk. Eight senators voted against the bill today. The House passed the bill Monday. The bill would establish a tiered system of caps on fees for payday loans, based on the amount borrowed. The ...

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Payday lending bill passes House, but fight may continue

JACKSON — Supporters say the final version of a payday lending bill that passed the Mississippi House yesterday could reduce consumers’ out-of-pocket expenses for short-term loans, but the fight might not be over. Even though the measure passed on a 76-43 vote, opponents held it for the possibility of more House debate before it can move to the Senate. Foes ...

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Legislative panels differ on payday lending bill

JACKSON — The chairman of the House Banking Committee says that if a “reasonable” deal isn’t reached on a proposed state payday lending law, the issue might be put on hold until 2012. “Unless they come up with an agreement, a reasonable compromise, it’s best to leave it alone,” committee Chairman George Flaggs, D-Vicksburg, said after the Senate passed its ...

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