Grand Rapids paycheck advance business fined $50000, according to state agency
GRAND RAPIDS — The operators of Pay Day Now LLC, a Grand Rapids loan company, were fined $50,000 for operating without a license, the state Office of Financial and Insurance Regulation said Thursday.
State regulators said tips from customers and other evidence led to the fine being levied against the business, which violated the Michigan Deferred Presentment Service Transactions Act.
The act is intended to regulate deferred presentment services, or businesses that disburse loans in advance of a person's paycheck.
The business' owner, Scott Robison, refused to allow an OFIR investigator "beyond the business' reception area and refused to allow the investigator access to business records," according to the state agency.
OFIR also said Robison was involved with Cash Now XXXII, another Grand Rapids cash advance business whose license was revoked in April 2011 after multiple violations of state law.
"Pay Day Now's conduct clearly poses a threat to the financial well-being of Michigan consumers," said OFIR Commissioner Kevin Clinton in a news release.
"Our agency will continue to ensure that the law regulating the state's deferred presentment companies is strictly enforced."
Sad story of another Michigan business forced to close because of government over regulation. No one put a gun to the head of their customers and forced them to do business with that company. We need to get government off the back of the people. The $50,000 fine may cause this business to close down and for people to loose their jobs. I hope Snyder closes down State agency that issued the fine.
Payday Advance Grand Rapids - News
By Zane McMillin | The Grand Rapids Press GRAND RAPIDS — The operators of Pay Day Now LLC, a Grand Rapids loan company, were fined $50000 for operating without a license, the state Office of Financial and Insurance Regulation said Thursday.
GRAND RAPIDS, Mich. (WOOD) - State regulators ordered a hefty fine for a business they said acted as a cash advance store with out a license. Pay Day Now, which also operated as Cash Now XXXII, has been fined $50000 and ordered to end all loan activity
Grand Rapids paycheck advance business fined $50000, according ...
GRAND RAPIDS The operators of Pay Day Now LLC, a Grand Rapids loan company, were fined $50,000 for operating without a license, the state Office of Financial and Insurance Regulation said Thursday.
State regulators said tips from customers and other evidence led to the fine being levied against the business, which violated the Michigan Deferred Presentment Service Transactions Act.
The act is intended to regulate deferred presentment services, or businesses that disburse loans in advance of a persons paycheck.
The business owner, Scott Robison, refused to allow an OFIR investigator beyond the business reception area and refused to allow the investigator access to business records, according to the state agency.
OFIR also said Robison was involved with Cash Now XXXII, another Grand Rapids cash advance business whose license was revoked in April 2011 after multiple violations of state law.
Pay Day Nows conduct clearly poses a threat to the financial well-being of Michigan consumers, said OFIR Commissioner Kevin Clinton in a news release.
Our agency will continue to ensure that the law regulating the states deferred presentment companies is strictly enforced.
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