'Pension Advance' Company Ordered to Cease and Desist

HARRISBURG, Pa., May 25, 2017 /PRNewswire-USNewswire/ -- The Pennsylvania Department of Banking and Securities has issued a cease and desist order against Future Income Payments, LLC and Scott A. Kohan of Newport Coast, Ca. ("FIP"), which operate www.futureincomepayments.com, for unlawfully conducting business in Pennsylvania as an unlicensed consumer lender in violation of the commonwealth's Consumer Discount Company Act and Loan Interest Protection Law.

The department has ordered FIP to cease engaging with Pennsylvania consumers, including: collecting payments for loans in excess of the legal limit of 6 percent interest; transferring, assigning, purchasing, or selling any loans made to Pennsylvania residents; or filing or maintaining reports on Pennsylvania residents with credit agencies.

In addition, FIP has been ordered to refund to Pennsylvania residents payments made that exceed the legal limit of 6 percent interest, inclusive of fees.

The department's order against FIP, which includes consumer complaint information, can be found online [PDF]: www.dobs.pa.gov/Documents/Enforcement%20Orders/2017/051917_FIPfkaPAS.pdf 

Consumers who believe they may have been unlawfully charged interest or fees by FIP can contact the department's Consumer Services Office at 1-800-PA-BANKS or file a complaint online: www.dobs.pa.gov/Consumers/Pages/File-a-Complaint.aspx

Media contact: Ed Novak, 717-783-4721

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pension-advance-company-ordered-to-cease-and-desist-300464269.html

SOURCE Pennsylvania Department of Banking and Securities