Dollar Loan Center Receives “Cease And Desist” Order
Lending Practices Deemed In Violation Of State Laws
SIOUX FALLS, S.D. – The South Dakota Division of Banking has issued a cease and desist order in regards to Dollar Loan Center’s latest short-term loans.
In July, Chuck Brennan’s flagship business began offering short-term loans with a 36-percent annual interest rate, plus a late fee if the loans were not repaid in one week. The Division of Banking began investigating the loans shortly after.
In a brief statement, Director Bret Afdahl says the agency, “issued a cease and desist order and order to revoke all money lending licenses held by Dollar Loan Center due to lending practices in violation of South Dakota money lending laws.”
Brennan previously argued that the new loan conformed specifically to the voter-approved measure that capped interest rates at 36-percent.