Internet Payday Lender Leads Global, Inc. Fined $50,000 for Unlicensed lending

April 30, 2007 -- Nevada Mortgage Lending Division Commissioner Scott Bice, sitting as a hearing officer for the Financial Institutions Division, stated at the close of a hearing held Friday, April 27, 2007, that Leads Global, Inc. (“Leads”) had violated NRS Chapter 604A by conducting lending activity without a license. Mr. Bice stated that the written decision that would follow would include a fine in the amount of $50,000.

Acting Commissioner Steven Kondrup testified at the hearing that the Financial Institutions Division had received numerous complaints about the manner in which Leads conducted its lending and collections activities. All of the loans involved were deferred deposit loans, commonly known as “payday loans,” and complaints concerning these loans were all from non-Nevada residents. Dennis Belcourt, the Deputy Attorney General representing the Financial Institutions Division, argued at the hearing that Nevada law authorized jurisdiction over a Nevada lender even where loans were only to non-Nevadans. All indications are that Leads is not licensed for lending in any other states.

Leads is a Nevada Corporation that has done business as Cash Today, Cash Today Commercial, Cash Today Factoring, Global Cash Advances, and Global Financial Services, through fictitious name filings with the Washoe County Clerk. It has held a City of Reno Business License at 1005 Terminal Way, Reno, Nevada, Suite 110 and conducted business with the assistance of Corporate Office Services, Inc. at that address. The Acting Commissioner of Financial Institution Division had previously issued an order that Leads desist from unlicensed lending and that Corporate Office Services, Inc. discontinue its assistance to Leads.

Leads Global, Inc. had been notified of the hearing but failed to appear.

Source: Nevada Mortgage Lending Division

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