Judge allows state agency turn off Mississippi payday loan provider

Judge allows state agency turn off Mississippi payday loan provider

Certainly one of Mississippi’s payday lenders that are largest ended up being effortlessly forced away from company Wednesday following a judge ruled that state banking regulators could revoke the business’s licenses during its selling point of state charges.

Hinds County Chancery Judge Dewayne Thomas month that is last temporarily obstructed charges against All American Check Cashing by the state dept. of Banking and customer Finance. But he ruled belated Tuesday which he would not reinstate All United states’s licenses to cash checks or make loans although the company fights their state agency.

The Madison-based business appealed Wednesday to your Mississippi Supreme Court, arguing that also short-term enforcement of charges passed down by the state dept. of Banking and customer Finance “is the equivalent of the death penalty” for the business.

“with no stay of enforcement to protect the status quo during All United states’s appeal, All United states is likely to be economically devastated with definitely no recourse or way to being made entire if the appeal is prosperous,” attorney Michael Cory Jr. Continue reading Judge allows state agency turn off Mississippi payday loan provider