On June 6, the Attorney General for the State of North Carolina executed a settlement agreement with a payday lender, Future Income Payments, LLC, arising out of the payday lender's alleged violation of that state's usury laws. The settlement agreement requires the lender to pay North Carolina $50,000 in attorneys' and investigation fees, plus a $59,000 penalty. This case serves as a reminder to lenders and payment processors that they must be cognizant of usury laws of the state in which the consumer is located.
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