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State Shuts Down Collection Agency; Warns Other Loan Companies on Payday Advances

State Shuts Down Collection Agency; Warns Other Loan Companies on Payday Advances

The Massachusetts Office of Consumer Affairs and Business Regulation together with Division of Banking institutions this week announced a number of cease sales focusing on unlicensed loan providers and an authorized financial obligation collector that are not sticking with the state’s loan customer defenses.

The Division of Banks ordered Nevada-based Delbert Services Corporation, a debt that is licensed, and its own owner, John P. Reddam, to instantly stop gathering re re payments on over 100 unlawful loans designed to Massachusetts customers. The Division additionally issued instructions to five unlicensed, Internet-based loan providers who offered loans to Massachusetts customers.