Insurance Commissioner Shutting Down Loan Businesses - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

09/04/02

Insurance Commissioner Shutting Down Loan Businesses

Need some fast cash and can't turn to a bank or more traditional lender? It may be harder to find a place to lend it to you. Georgia insurance commissioner John Oxendine is shutting down unlicensed lending operations.

Commissioner Oxendine claims 20 businesses owned or operated by Jack Griffin, called Cash in Advance, are subject to closure. He says businesses like one on Savannah's Southside don't have an industrial license required by state law, and unlawfully charge people up to or in excess of 600 percent interest on their loans.

Oxendine has ordered Griffin to appear before him at a hearing on September 19 in Macon, we'll let you know what happens.

Reported by: Melanie Ruberti

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