DENVER - If you've taken out a loan with EZ Pawn or EZ Money, you may be getting a partial refund.
Those two companies have agreed to pay $400,000 to customers who did not get a portion of their interest back when they prepaid their loans.
Colorado Attorney General John Suthers office said its Uniform Consumer Credit Code Administrator determined that EZPawn and EZMoney were improperly refunding the interest rate on prepaid loans.
When the administrator issued a report requiring the companies take corrective actions, neither complied, so the administrator brought disciplinary proceedings against the companies.
"By settling this dispute, EZPawn and EZMoney will refund consumers $400,000 for the excess interest they kept and pay a $24,000 penalty,” announced Suthers. “Consumers will be issued direct checks this month and the companies will then have 60 days to prove they have done so.”
The Colorado Attorney General’s Office licenses supervised lenders, including payday lenders. Consumers may file complaints with the Colorado Attorney General’s Office by calling 800-222-4444 or clicking: http://www.coloradoattorneygeneral.gov/departments/consumer_protection/uccc_car/uccc