Vermont AG Announces Settlement with Arizona Payment Processor of Internet Loans

State Attorney General UDAAP

Recently, Vermont AG William Sorrell announced a settlement of approximately $178,000 with an Arizona-based electronic payment processor to resolve alleged violations of state consumer protection laws prohibiting unfair and deceptive practices. According to AG Sorrell’s office, the company processed internet loans on behalf of unlicensed lenders in violation of the state’s consumer protection laws. Under the settlement, which is the state's fourth and largest against a payment processor of high interest, unlicensed loans, the company must credit consumer bank accounts a total of $153,282 and pay $25,000 in civil penalties and costs to Vermont.