Departamento de Corporaciones de California ordena a comercios dedicados a préstamos del...

Departamento de Corporaciones de California ordena a comercios dedicados a préstamos del día de pago que dejen de otorgar préstamos en el estado



COMPARTE ESTA NOTA

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Sacramento, CA–(HISPANIC PR WIRE – BUSINESS WIRE)–20 de junio de 2005–California
Department of Corporations (Corporations) has brought enforcement actions against
six payday loan stores operating in Southern California found to be transacting
payday loans without a proper license in California.

Operators in the business of making a small, unsecured, short-term cash advance
to customers, typically cleared on payday, are licensed by Corporations effective
December 31, 2004 under the California Deferred Deposit Transaction Law.

Corporations issued desist and refrain orders to six payday lenders to halt
payday loans including Anyday’s Payday and Loan of Yucaipa, Cash It Quick in
Lancaster, D & J Market of Hesperia, Express Cash Advance in Lake Elsinore,
K & W Check Cashing of Gardena, and Pro Check Cashing in Santa Ana. The
move comes after an investigation, which determined that the companies had no
legal authority to transact payday loans in this state. (See attachment for
fact sheet on desist and refrain orders.)

“Unlicensed payday lenders evade state consumer protections and will not
be tolerated as Corporations enforces the new law,” said California’s Acting
Corporations Commissioner Wayne Strumpfer. “Just as importantly, it creates
an unfair advantage for unscrupulous companies against those who operate within
the scope of our state laws.”

The Department of Corporations is California’s investment and financing authority
and is responsible for the regulation, enforcement, and licensing of securities,
franchises, off-exchange commodities, investment and financial services, independent
escrows, consumer and commercial finance lending, residential mortgage lending,
and payday lenders. For further information or to obtain a complaint form, please
visit Corporations’ Web site at http://www.corp.ca.gov or call our consumer
resource center toll-free at 1-866-ASK-CORP (1-866-275-2677).

CALIFORNIA DEPARTMENT OF CORPORATIONS DESIST AND REFRAIN ORDERS ISSUED TO PAYDAY
LOAN STORES JUNE 2, 2005

Desist and       
Location(s):           Violations
of California
Refrain Order                           
Financial Code section
Issued To:                              
23005: (Prohibits
                                         unlicensed
activity)

Anyday’s          34309 Yucaipa
Blvd     Originated at least 143
Payday and        Yucaipa, CA 92399     
payday loans since
Loan and Owner                          
January 1, 2005without
George Starkey                          
a license or exemption
                                        
from licensing by the
                                        
California Department of
                                        
Corporations.

Cash It Quick     Main Office:          
Engaged in the business of
and Owner         43535 N. Gasden Ave., 
payday lending without a
Nadia Haddad      Suite F               
license or exemption from
                 
Lancaster, CA 93534    licensing by the California
                                        
Department of Corporations.
                 
Branch Office:         Cash It and Haddad
assisted
                 
18503 Victory Blvd.    Money Mart Express, Inc. in
                 
Reseda, CA 91335       originating payday loans
by
                                        
advertising on its storefront
                                        
as a payday loan store,
                                        
handling the borrower’s
                             
           application
for Money Mart,
                                        
and distributing Money Mart
                                        
debit cards.

D & J Market     
18361 Bear Valley Rd., Originated at least 25 payday
and Owner         Suite 1               
loans since January 1, 2005
Suhail Mahho      Hesperia, CA 9234     
without a license or
                                        
exemption from licensing by
                                        
the California Department of
                                        
Corporations.

Express Cash      16331 Lakeshore Dr.,  
Originated at least 700 payday
Advance and       Suite B      
         loans since January 1,
2005
Owner Bianca      Lake Elsinore, CA     
without a license or
Soto             
92530                 
exemption from licensing by
                                        
the California Department of
                 
                       Corporations.

K & W Check       14137 S. Vermont Ave. 
Engaged in the business of
Cashing           Gardena,
CA 90247      payday lending without a
and Owner and                           
license or exemption from
Manager Masen                            licensing
by the California
Khattat                                 
Department of Corporations.
                                        
K & W and Khattat assisted
                                        
Money Mart Express, Inc. in
                                        
originating at least 90
                                        
payday loans since January 1,
                                        
2005 by advertising on its
                                        
storefront as a payday loan
                                        
store, handling the
                                        
borrower’s application for
                                        
Money Mart, and distributing
                                     
   Money Mart debit cards.

Desist and        Location(s):          
Violations of California
Refrain Order                           
Financial Code section 23005
Issued To:                              
(prohibits unlicensed
                            
            activity)
and 23046 (requires
                                        
payday lenders to grant
                                        
Corporations Commissioner
                                        
access to books and records):

Pro Check         Main Office:          
Originated at least 35 payday
Cashing and       2413 S. Fairview St., 
loans since January 1, 2005
President         Suite 1               
without a license or
Yogesh            Santa
Ana, CA 92704    exemption from licensing by
Hiralal                                 
the California Department of
                 
Branch Offices:        Corporations.
                 
707 N. Bristol St.,
                 
Suite F               
Refused to grant the
                 
Santa Ana, CA 92703    Commissioner access to its
                                        
books and records for review
                 
616 N. Anaheim Blvd.,  in violation of California
                 
Suite C               
Financial Code section 23046.
                  Anaheim,
CA 92805
                 
1440 S. Anaheim Blvd.,
                 
Suite A17
                 
Anaheim, CA 92805

NOTE:  To view the desist and refrain orders issued to payday loan
businesses, visit Corporations’ Web site at http://www.corp.ca.gov/pressrel/05/corp/news.htm.
Click on HTML version and link at bottom of the page to the order.

–30–DDT/sf*

CONTACT:
California Department of Corporations
Susie Wong
916-324-9011

Departamento de Corporaciones de California ordena a comercios dedicados a préstamos del día de pago que dejen de otorgar préstamos en el estado