LARA - OFIR Revokes License of Detroit-Area Payday Lender

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OFIR Revokes License of Detroit-Area Payday Lender

FOR IMMEDIATE RELEASE
March 10, 2010
Contact: Jason Moon 517-335-1700
http://twitter.com/miofir

LANSING - The Office of Financial and Insurance Regulation (OFIR) has revoked the license of Add Holdings, LLC, a Ferndale deferred presentment company. OFIR found that Add Holdings violated the state's Deferred Presentment Service Transactions Act by improperly closing customers' accounts and failing to maintain the minimum net worth set forth in Michigan law. Add Holdings was doing business under the name Cash & Go.

"We will continue to ensure that all of the state's payday loan companies follow the law," OFIR Commissioner Ken Ross said. "If consumers have a complaint regarding a payday lender they should call our agency toll-free."

Consumers can contact OFIR at 877-999-6442 or at www.michigan.gov/ofir .

To view OFIR's order against Add Holdings, LLC, visit: http://www.michigan.gov/documents/dleg/FD_Add_Holdings___313816_7.pdf

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