- Associated Press - Thursday, May 5, 2016

LINCOLN, Neb. (AP) - Unlicensed internet lenders have agreed to forgive more than $550,000 in loans as part of a settlement with Nebraska officials.

The agreement announced Thursday also requires four lenders to pay $950,000 in restitution for excess interest and fees paid by Nebraska consumers and $150,000 to the state.

The action by the Nebraska attorney general’s office and the Department of Banking and Finance targeted the businesses CashCall, Inc., Delbert Services Corporation, WS Funding, LLC and their owner J. Paul Reddam. It also targeted Western Sky Financial and its owner, Martin A. Webb.

State officials accused the companies of making loans to more than 2,400 Nebraska residents with annual percentage rates ranging from 89 percent to 342 percent, and charging unlawful fees.

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