Attorney General Cuomo Announces Distribution Of $5.2 Million Settlement In «rent-a-bank» Payday Lending Scheme

Attorney General Cuomo Announces Distribution Of $5.2 Million Settlement In «rent-a-bank» Payday Lending Scheme

NYC, NY (November 17, 2009) – Attorney General Andrew M. Cuomo today announced a $5.2 million settlement would be distributed to New Yorkers previously victimized by two organizations running ‘payday loan’ schemes.

The 2 businesses, County Bank of Rehoboth Beach, Delaware (“County Bank”), and TC Services Corporation d/b/a Telecash, an out-of-state financial business that operated an illegal “payday loan” scheme, consented to spend the refunds to ny customers and an extra $300,000 in charges and expenses. In addition, the businesses had been forbidden from gathering on any outstanding pay day loans meant to ny customers.

The Attorney General’s workplace, with the bbb which will be serving given that settlement administrator, will start dispersing the $5.2 million restitution investment to significantly more than 14,000 New Yorkers have been victims.

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