Regulatory Alerts2025-03-14
Added · Updated
Consent Order Regarding PayTomorrow, LLC
PayTomorrow, LLC must cease making small loans to Connecticut borrowers without a license and pay a $10,000 civil penalty and $3,200 in back licensing fees to the State of Connecticut. The entity is required to reimburse identified borrowers for amounts paid in excess of a 12% annual percentage rate on loans originated since April 2016. PayTomorrow must provide evidence of these reimbursements to the Department of Banking and limit collection on outstanding transactions to 12% APR for loans under specified thresholds. This resolution avoids formal enforcement proceedings but remains a public record and reportable event on NMLS.
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