After charging 137% in interest to pensioners, lender faces $110K in fines in North Carolina

North Carolina consumers who were charged as much as 137% interest on cash advances against their pensions will receive a refund, and the company that charged the high fees has been ordered to reduce interest rates, according to Attorney General Roy Cooper. The company, Future Income Payments LLC (FIP), reached the settlement with the AG’s office and will reduce interest charges to 16% or less. It also will pay $59,900 in civil penalties to public schools in North Carolina and $50,000 to cover…

from Charlotte Business News - Local Charlotte News | Charlotte Business Journal http://www.bizjournals.com/charlotte/news/2016/06/15/future-income-payments-fined-for-nc-interest-rates.html?ana=RSS%26s=article_search