(AP) - A quick check loan company operating in rural Nevada has agreed to cease operations and pay a $35,000 fine following an investigation into its practices, the state Financial Institutions Division said Thursday.
The investigation found William Jones, one of three owners of TJ's Quick Check Exchange, made illegal loans listing himself as the lender, charged fees for services never performed, incorrectly calculated percentage rates, and failed to notify people before disposing of their property.
The company has offices in Fallon, Fernley, Winnemucca, Battle Mountain and two in Elko.
Two other part-time owners, Connie and Tim Jordan, can reapply for a license, but Jones is barred from being involved, the agency said.
Elisabeth Daniels, spokeswoman for the Department of Business and Industry, said the company was licensed in 1999. She said the division knows of 41 people who may have been affected by the illegal actions, but details of the complaints are confidential.
Under the agreement, the company agreed to void all existing loan agreements with Jones and return vehicle keys and titles to debtors who had their vehicles repossessed.
"All borrowers will be notified that their loan obligations are null and void and that no further payment or obligation exists," according to the consent order signed Monday.
Additionally, the company agreed to release from repayment obligations any borrower who received a collection letter from TJ's Quick Check Exchange that threatened criminal prosecution or lacked required disclosures.
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