February 7, 2018 / 11:03 PM / a month ago

MoneyLion settles Virginia probe into overcharges, licensing

An affiliate of MoneyLion Inc, a New York-based online lending platform and savings app, will pay more than $2.7 million to settle charges by Virginia’s attorney general that it offered improperly costly loans to that state’s residents, while falsely claiming it was licensed to do so.

The settlement announced on Wednesday calls for MoneyLion of Virginia LLC to give up $2.35 million of interest charged to 2,639 consumers, refund $359,812 to 1,161 consumers whose payments bore interest rates topping 12 percent, and pay a $10,000 civil fine plus $20,000 to cover costs.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2C3c8XS

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