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Tue December 17, 2013
N.H. Attorney General Pursuing Action Against Online Lender
A day after federal regulators sued an online lender, accusing it of collecting money that consumers didn't owe, New Hampshire's attorney general says the state will be joining others in pursuing similar violations involving the business.
The Consumer Financial Protection Bureau alleged in its suit filed Monday that CashCall made loans that violated licensing rules, interest-rate caps or both in at least eight states.
The Anaheim, Calif.-based company disputes the allegations. CashCall says the CFPB exceeded its congressional mandate by attempting to cap interest rates.
In New Hampshire, CashCall is fighting a cease and desist order alleging the company made loans to residents without a license. Attorney General Joseph Foster says it will join Colorado, North Carolina and the federal government in pursing violations by CashCall.