A Delaware-incorporated payday loan company that charges its customers a whopping 368 percent annual interest violates Pennsylvania’s Consumer Discount Company Act, the state Supreme Court has ruled.
In Pennsylvania Department of Banking v. NCAS of Delaware, PICS Case No. 08-0895 (Pa. May 29, 2008) Saylor, J. (15 pages), the court affirmed the Commonwealth Court’s grant of an injunction against NCAS of Delaware, which provided payday loans at its Advance America Cash Advance Centers.
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