Pa. Signs $ 3 million deal with former Fintech CEO on payday loans

Law360 (April 9, 2021, 8:06 p.m. EDT) – The former head of the since-disbanded lender Think Finance has reached a $ 3 million deal with the state of Pennsylvania to end allegations it helped company to circumvent interest rate limits. in order to distribute illegal payday loans.

Ex-CEO Kenneth Rees will pay $ 3 million to evade the civil case without admitting any wrongdoing for his role as the head of the company, which the Pennsylvania attorney general’s office accused in 2017 of using Native American tribes to avoid state laws limiting interest rates.

The consent decree, which was released on Thursday, limits Rees’ ability to work in …

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