A bankrupt payday lender will have to pay a $7 civil penalty to the Consumer Financial Protection Bureau over nearly $50 million in loans it issued in states where they were not legal, according to bankruptcy court filings.
Judge Brian Morris of the U.S. District Court for the District of Montana granted a stay in the CFPB’s litigation against Think Finance LLC on April 30, pending activity in the bankruptcy court.
Think Finance and its six affiliates will pay $1 each to the CFPB to settle claims that were filed in November 2017 according to a disclosure statement the company...
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(This story was updated with more information about Think Finance's restructuring plan.)