Kenneth Compton
“We continue to believe that we have always conducted business in North Carolina in compliance with all applicable laws, and we will therefore continue to vigorously defend the agency business model. Regrettably, the commissioner’s ruling will eliminate one of the few short-term financial options North Carolina consumers have available to them.”
Payday lender Kenneth Compton comments on the order to halt payday loan operations in North Carolina…
North Carolina’s Commissioner of Banks, Joe Smith, issued an order for Advance America to cease operation of its payday loan centers in North Carolina. In response, the company suspended collection of the balances due and will appeal the order.
Note: The key words here are suspended (not stopped) and appeal. If they win the appeal, will they resume collection?
Kenneth Compton is company president and chief executive of Advance America, a payday lender with over 2,000 locations in 35 states.
Source: Payday Lender to Appeal N.C. Order (The Business Journal of the Greater Triad Area)
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