Vermont Attorney General William Sorrell announced this week that his office is taking action against online predatory lenders. He is using provisions of a law unique to Vermont to curb not only the lenders, but the payment processors.
In May 2012, the Vermont Legislature passed a revamped state Consumer Protection Act, making it the toughest in the nation on predatory internet lending. This week, Attorney General Bill Sorrell announced a crackdown against lenders and their payment processors. Sorrell says they are unlicensed and often charging usury rates.