Insurance Commissioner Closes Lender - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

10/31/02

Insurance Commissioner Closes Lender

We have new information tonight about a story we first brought you a few weeks ago. Georgia insurance commissioner John Oxendine has ordered a company that specializes in payday advances to stop making loans. The businesses are called Cash in Advance. There are two in savannah.

According to Oxendine, neither of these businesses hold an industrial loan license as required by state law. He also says the businesses are making loans of $3,000 or less illegally. We haven't heard if the businesses will appeal the decision.

Reported by: Melanie Ruberti, mruberti@wtoc.com

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