IN RE: REQUEST BY OAK BROOK/CASH NOW PARTNERS d/b/a MONEY CONNECTION FOR A DECLARATORY RULING IN THE APPLICABILITY OF THIS REGULATORY LOAN ACT OF 1963, AS AMENDED, TO CERTAIN TRANSACTIONS.
Oak Brook/Cash Now Partners d/b/a Cash Connection (“Cash Connection”) is a small business that runs within the greater Detroit that is metropolitan area. Its main activity is cashing checks for a charge, as well as other ancillary solutions include issuance of cash purchases, delivering and getting Western Union cash transfers, as well as other associated solutions. Cash Connection has required a ruling on solution that is a variation on its check cashing company.
In its normal check cashing company money Connection will cash payroll, federal federal federal government, and individual checks for a fee of 10% regarding the number of the check. Money Connection has inquired about an expansion of their check that is personal cashing to something referred to as “Payday Advance.” The pay day loan transaction, as described by money Connection, varies from the check that is normal deal for the reason that there is an dental contract to carry a present-dated look for a amount of as much as week or two. Okumaya devam et