Attorney General stops online payday lenders in Missouri
JEFFERSON CITY (AP) - Eight online payday lenders operated by one man from a South Dakota reservation will repay Missouri consumers who were charged excess fees under the terms of a settlement.
Missouri Attorney General Chris Koster's office announced Thursday that online payday lenders operated by Martin Webb would stop operating in Missouri, repay $270,000 in restitution to consumers and cancel all outstanding balances for Missouri residents.
The settlement says Webb admits no wrongdoing and maintains that a Missouri license was not needed to make the online payday loans.
Koster says as many as 6,300 Missouri residents may have been charged excessive fees.
He says the message to other online payday lenders is that they must follow Missouri law to operate here.