By Dena Aubin Illinois Attorney General Lisa Madigan on Thursday announced a $3.5 million settlement with All Credit Lenders, a consumer lender accused of charging excessive interest rates disguised as account fees.
Elgin, Illinois-based All Credit also agreed to stop collecting on disputed loans and waive outstanding balances for thousands of consumers, Madigan said in a statement.
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The headline has been corrected. The previous headline said $3.5 million was paid, when most of the amount was in loan forgiveness. A comment from CMK’s general counsel was added.