Oklahomans getting refunds from small loan companies

Tuesday, September 26th 2000, 12:00 am
By: News On 6

(Tulsa-AP) -- The Department of Consumer Credit says Oklahomans overcharged by small loan companies have been refunded about three (M) million dollars.

Don Hardin is a consumer credit administrator. Hardin says about 95 percent of the small loan companies that overcharged customers met a September 20th deadline.

The refund resulted from litigation that began after Attorney General Drew Edmondson issued a February 1997 opinion that small loan companies were refinancing loans at too high an interest rate.

Consumer credit commissioners approved a plan last month requiring small loan companies to repay 50 cents for every dollar they overcharged consumers between February 1997 and August 1997.