One area where North Carolina has been a progressive leader is in stopping predatory lending. One of the blemishes in the State's record has been their inability to get rid of a number of payday lenders who have been claiming to be exempt of the 2001 law banning their practices. This story chronicles the settlement that the lenders entered into with Attorney General Roy Cooper to stop their practices:
The three payday lending chains still operating in North Carolina have signed agreements with state regulators to stop making loans by March 11, N.C. Attorney General Roy Cooper announced Wednesday.
The deals seem to end a nine-year period in North Carolina in which public companies, operating bright stores on busy streets, offered loans of up to a few hundred dollars in exchange for a chunk of the borrower's next paycheck -- the amount of the loan plus a hefty fee.
To borrow $500, a customer might write a check for $600, dated two weeks later. That's an annual interest rate of 521 percent.
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