Deputy Attorney General Jill Miles
“Now it’s going to be very difficult for a payday lender to come into West Virginia.”
West Virginia Deputy Attorney General Jill Miles said today after the only payday lender in West Virginia left the state…
According to an article by George Hohmann, a state law enacted in 1998 limits the fees for check cashing services and prohibits payday lenders from agreeing to hold checks for deposit at a later date. The 1998 law essentially outlawed deferred presentment loans.
In the article entitled State’s Only Payday Lender Leaves the Area, Miles was also quoted as saying:
“In response, payday lenders started partnering with nationally chartered banks and argued that the loan was being made where the bank was headquartered, usually in states with no usury laws… A couple of years ago the federal agency that regulates nationally chartered banks prohibited banks from engaging in this activity. The payday lenders then quickly began partnering with state-chartered banks in states with no usury laws. In February of this year, the agency that regulates state-chartered banks stopped them from partnering with payday lenders.”
Jill Miles is Deputy Attorney General of West Virginia.
Source: State’s Only Payday Lender Leaves the Area by George Hohmann (Charleston Daily Mail)
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