Roughly 24,000 Coloradans will be sharing $400,000 in refunds from EZMoney Payday Loans because the company failed to refund interest money when customers paid off loans early, Colorado Attorney General John Suthers announced Wednesday.
The refunds, plus a $24,000 fine, were ordered by the Uniform Consumer Credit Code office that is part of the state attorney general's office. The ordered refunds work out to about $17 per loan.
A spokesman for Suthers said it was coincidence the fine was the same number as the number of loans involved.
EZMoney Payday Loans is operated by EZPawn Colorado Inc., and EZMoney Colorado Inc.
There are 32 locations around the state, including two in Pueblo at 3000 N.
Elizabeth St. and 3130 W.
Northern Ave. The consumer credit agency order faults the companies for not refunding, on a prorated basis, any interest money when customers paid off a loan early. The companies accepted the order to refund $400,000 and the $24,000 fine but did not admit any liability.
Carolyn Taylor, a spokesman for Suthers office, said the refund problems were discovered during a periodic review of the companies' loan records that began in September 2010. The order says the companies failed to comply with the consumer office's initial order to correct its operations.
That resulted in this week's ordered refunds.
The consumer credit office is part of the attorney general's office and the public can file complaints by calling 800-2224444 or follow the links for filing a consumer complaint via a link available at chieftain.com.
(c)2013 The Pueblo Chieftain (Pueblo, Colo.)
Distributed by MCT Information Services
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