The OSBC received a grievance from a Kansas customer about that loan deal with Quik Payday.
The agency reacted by buying Quik Payday, that was maybe not on its variety of licensed supervised loan providers, to create papers regarding its loans to Kansas residents. Quik Payday submitted the required papers, which unveiled the above-mentioned 3,079 loans that are payday 972 Kansas residents. The OSBC issued an overview purchase that needed Quik Payday to prevent all payday financing to Kansas residents, halt any collections on outstanding loans, spend a civil penalty of $5 million, and go back to the borrowers the attention, solution charges, and earnings through the 3,079 loans. Continue reading