December 1, 2011
Jefferson City, Mo. – Attorney General Chris Koster said his office has filed lawsuits in Cole County against two internet payday lenders, Ambassador Financial Services Inc., doing business as Nationwide Cash Inc., and Global Payday Loan LLC, doing business both as Payday Loan Yes and Fast Cash Advance. The two payday lenders have been lending money to Missouri consumers without registering with the Missouri Secretary of State or being licensed by the Missouri Division of Finance.
Koster said payday lenders in Missouri are required to be licensed by the Division of Finance. Missouri law subjects payday lenders to many consumer safeguards, such as a cap on interest rates and fees, and a limit on the amount of time each loan can be renewed.
“Requiring payday lenders to register with the Missouri Division of Finance will help ensure these lenders are complying with the laws and regulations of the state of Missouri,” Koster said.
Koster is seeking an immediate halt in loans made by the defendants to Missouri consumers until the appropriate licenses and registration are obtained. In addition, the Attorney General is calling for restitution of all interest and fees paid by any Missouri consumers to these unlicensed lenders. If you have taken out a loan from either of these lenders, please contact the Attorney General’s Consumer Hotline at 1-800-392-8222 or http://www.ago.mo.gov/ and file a consumer complaint. The lawsuits were filed November 21.