Settlement in Vermont enforcement action against electronic-payment processor

Last week, the Vermont Attorney General announced that Advantage Payment Systems will pay $22,000 to settle claims that the company violated state consumer laws by processing electronic payments to payday lenders charging 100-300% interest despite the fact that Vermont law forbids interest rates of greater than 24%.

Apparently, the company has already stopped processing payments in Vermont involving online consumer loans.

Not knowing much about the case, my question is whether the state's real objection was the $22,000 (which seems small to me) or forcing the company out of Vermont (which seems like a more meaningful remedy going forward).

You can read the state's press release here.

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