DOB Issues Cease-Activity Orders to 48 Out-of-State Lenders
By Andrea Gregory
The Massachusetts Division of Banks has issued cease-activity orders to 48 out-of-state payday lenders for advertising loans with alleged illegal terms to local consumers. The letters went out at the end of May following an investigation that was prompted after a report about payday lenders marketing their services to Bay State consumers on the Boston craigslist Web site (www.boston.craigslist.org) that first ran in Banker & Tradesman on May 8.
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