Virginia Attorney General Ken Cuccinelli has filed suit in Arlington County Circuit Court against a company allegedly offering loans over the Internet with interest ranging up to 1,300 percent.
The suit names Jupiter Funding Group LLC which purportedly operates the website http://www.directpaydayfunds.com/.
The suit alleges the company offers loans to Virginia consumers without having a valid state payday loan license.
“Jupiter Funding has preyed on Virginia consumers by making high-interest rate loans over the Internet without any regulatory oversight,” Cuccinelli said in a statement.
The lawsuit asks the court to block Jupiter Funding from violating the payday loan laws and the Virginia Consumer Protection Act, and from collecting interest over Virginia’s legal limit of 12 percent when it does not have a license to do so.