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Consumer Action seeks a court order requiring the monies it has taken digitally from borrowers as well as an injunction forbidding ACE to be returned by ACE.
ACE promotes these loans, also known as deferred-deposit or payday loans, so to cash-strapped folks needing a few hundred dollars.,Businesses like ACE prey on consumers who don't have any credit cards, and who cannot receive a small loan from a bank on regular provisions, said Linda Sherry of Consumer Action.,California has laws regulating check cashing company which impose limitations on what they can charge.,Sherry explained that the legislation generously enables so-called check cashing businesses to bill around $15 per $100 borrowed for 14 days - a very substantial gain. ,Re-payment of a payday advance tied into the borrowers next paycheck. The borrower receives money, minus a hefty fee and writes a personal check payable to ACE.
To be eligible for a payday advance borrowers do not need to have collateral.


But when the signed check which the borrower gives the lender isn't produced good, or he doesn't pay the lender all the lender needs, the lender can threaten to press criminal charges against him for writing a lousy check.,Consumer Actions litigation alleges that ACE was violating Californias check cashing laws and Californias Unfair Business Practices Act.
May 22, 2003 - San Francisco, CA - Consumer Action today filed a lawsuit today in San Francisco Superior Court from ACE Cash Express Inc., alleging that ACE was violating Californias check cashing laws by promoting short term loans in illegal and inflated interest charges to unsuspecting consumers. ACE owns or controls a community of more than 1,100 stores, and is the largest owner, operator and franchiser of all check-cashing shops in the United States.

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Consumer Action is represented by The Sturdevant Law Firm and Sheldon V. Burman.,For several years, ACE has been targeting low- and - moderate-income families using a check cashing service offered at its own stores. In fact, this really is a little bit of money at a substantial interest rate's short-term loan.
It agrees to hold the check until the borrowers next pay check, or another date, before cashing it, although ACE knows that the debtor doesn't have enough funds to cover the total amount of the check. In the end of the loan term (generally 14 days) in the event the borrower still does not have enough funds to cover the check, the loan can be rolled over for an additional brief period in the event the debtor pays extra interest and fees on the initial money balance.,Too frequently the borrower ends up in a vicious cycle, even repeatedly rolling over the first loan to a place where the accumulated interest and fees rates have a catastrophic impact, said Sherry.,For many years, ACE was promoting payday loans in breach of Californias check-cashing laws, said Jim Sturdevant, lead counsel for Consumer Action.
Its practice of targeting consumers that are and selling loans which result in consumer debt to them is an unfair and illegal business practice.


ACE isn't immune from California laws,,One of the principal factors responsible for the development of lenders is the deregulation of the banking industry. Banks are not able to pursue bigger, more depositors and ignore the demand for basic banking services. Many banks have stopped supplying small loans and credit checks presented by non-customers and have raised transaction and maintenance fees on existing little accounts.,Payday loans are promoted as a quick, easy way to receive money for people who lack the credit rating to get a credit card or a conventional loan.





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