Brennan Suing SD Division Of Banking, Claims Agency Illegally Revoked License
SIOUX FALLS, S.D. – The battle between Dollar Loan Center and the state of South Dakota appears to be headed for the courtroom.
Owner Chuck Brennan has filed a lawsuit against the South Dakota Division of Banking for what he is calling a violation of his business’ constitutional rights. The Division of Banking revoked Dollar Loan Center’s lending license last week after determining that its new short-term loans violated state lending laws.
Brennan says the agency revoked the license without allowing them a hearing and instead, released the information to the public. Without the license, Dollar Loan Center can not collect on current loans or issue new loans.
The complaint says Dollar Loan Center believed the loans were within the law based on an initial examination from the Division of Banking.