Vermont Attorney General William Sorrell announced this week that his office is taking action against online predatory lenders. He is using provisions of a law unique to Vermont to curb not only the lenders, but the payment processors.
In May 2012, the Vermont Legislature passed a revamped state Consumer Protection Act, making it the toughest in the nation on predatory internet lending. This week, Attorney General Bill Sorrell announced a crackdown against lenders and their payment processors. Sorrell says they are unlicensed and often charging usury rates.
Links to the Attorney General's report, the settlement, and information on Vermont's Consumer Protection Law are available here.
