Sonic Cash agrees to $150,000 refund
Rocky Wire Reports
Published March 14, 2008 at 12:05 a.m.
An Idaho Internet-based payday lender will refund more than $150,000 in finance charges on nearly 2,300 illegal payday loans, Colorado Attorney General John Suthers said.
Suthers' office reached a settlement with Sonic Cash, an Internet payday lender based in Boise, to pay back about 180 consumers by May 12. Sonic Cash made the loans without a license and exceeded state limits on finance charges. Colorado law allows a $75 finance charge on a $500 payday loan; Sonic Cash charged $100.
The company has formed Sonic Cash of Colorado and applied for a supervised lender's license.
The attorney general's office said it has asked 15 companies to stop lending online in Colorado; four agreed. Suthers' office said it is prepared to file suit against those who do not respond or refuse compliance.
Featured
-
DNC in Denver
Complete coverage of the 2008 Democratic National Convention.
-
The Crevasse
A five-part series that examines one tragic day on Mount Rainier.
-
Deadly denial
Sick nuclear workers applied for government compensation but most haven't seen a dime.
-
Final Salute
The Rocky followed Maj. Steve Beck as he took on the most difficult duty of his career.
-
'Colorado's burning'
Coverage of the state's worst wildfires.
-
Columbine shootings
Coverage of the April 20, 1999, shootings at Littleton's Columbine High School.
-
The Crossing
Colorado's deadliest traffic accident killed 20 children on Dec. 14, 1961.
-
Osveli's journey
Osveli Sales left Guatemala for a better life. Two months later, he came home in a box.
-
Wake for an Indian warrior
Oglala Sioux bestow a tribute to the first tribal fatality in Iraq.
