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November 20, 2013

Payday lender to pay $19M in refunds, fines

Cash America International, a major owner of U.S. pawn shops and payday loan shops, has agreed pay $19 million in consumer refunds and fines for robo-signing documents used in debt collection, issuing improperly high loans to military members and destroying records sought by a federal regulator.

The Consumer Financial Protection Bureau imposed the penalties Wednesday under a consent order with the Fort Worth-based company. The penalties marked the agency's first enforcement action against a payday lender, one of the industries the regulator has examined since its 2010 creation under the Dodd-Frank financial reform act.

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