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Payday Lender Settles With Federal Agency

WASHINGTON (AP) _ Cash America International Inc. will pay $19 million in refunds and fines for “robo-signing” court documents and overcharging military members.

The Consumer Financial Protection Bureau on Wednesday announced the penalty against Fort Worth-based Cash America.

The company says it agreed to the payment without admitting or denying the allegations.

The bureau says the payday lender robo-signed _ when papers are signed without being reviewed _ court documents in debt collection lawsuits and violated the Military Lending Act by overcharging service members and their families.

Cash America will pay up to $14 million in refunds to consumers and a $5 million fine for the violations and for destroying records in advance of the
bureau’s examination.

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Posted by on Nov 21 2013. Filed under News.
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