Licenses for All American Check Cashing revoked in Mississippi - MSNewsNow.com - Jackson, MS

Licenses for All American Check Cashing revoked in Mississippi

Source: AllAmericanCheckCashing.com Source: AllAmericanCheckCashing.com
JACKSON, Miss (AP) -

 A new settlement says the state of Mississippi will revoke all the licenses of a company called All American Check Cashing Inc.
    
Regulators say the Madison-based company broke state law by encouraging customers to pay only interest on loans.
    
After an extended regulatory fight, the Mississippi Department of Banking and Consumer Finance announced Friday that it had reached a settlement with All American. The plan was filed in Hinds County Chancery Court.
    
All American will have to refund a total of $134,609 to 703 customers.
    
It will have to pay $889,350 in civil penalties. That is $275 for each of the 3,234 violations found.
    
The settlement says any new transactions by the company after May 11 are invalid.

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