October 27, 2011 - The Office of Financial and Insurance Regulation (OFIR) has fined Pay Day Now, LLC, a Grand Rapids payday loan company, $50,000 and ordered it to end all unlicensed deferred presentment activity. An OFIR investigation found evidence, including customer comments and blank deferred presentment transaction agreements, that Pay Day Now was conducting deferred presentment transactions without a license, a violation of the state’s Deferred Presentment Service Transactions Act.
Pay Day Now’s owner, Scott Robison, refused to allow an OFIR investigator beyond the business’ reception area and refused to allow the investigator access to business records. Mr. Robison was part owner of a previous licensee, Cash Now XXXII also in Grand Rapids. That license was revoked in April 2011 for multiple violations of the Act.
"Pay Day Now’s conduct clearly poses a threat to the financial well-being of Michigan consumers,” OFIR Commissioner Kevin Clinton said. “Our agency will continue to ensure that the law regulating the state’s deferred presentment companies is strictly enforced."
If Michigan consumers have a complaint or a question regarding a payday lender they should call OFIR toll-free at 877-999-6442 or at www.michigan.gov/ofir
To view OFIR’s order against Pay Day Now, visit: http://www.michigan.gov/documents/lara/Pay_Day_Now_LLC__Scott_Robison_367172_7.pdf
For more information about LARA, please visit www.michigan.gov/lara. Follow us on Twitter www.twitter.com/michiganLARA, “Like” us on Facebook or find us on YouTube www.youtube.com/michiganLARA.
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