March 16, 2020 / 8:14 PM / 19 days ago

BRIEF-California DBO Announces Settlement With Afterpay

March 17 (Reuters) - California Department Of Business Oversight:

* CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT ANNOUNCES SETTLEMENT WITH AFTERPAY; CO TO STOP MAKING ILLEGAL LOANS & PAY REFUNDS TO CALIFORNIA CUSTOMERS

* CALIFORNIA DBO SAYS AFTERPAY TO REFUND $905,000 TO CALIFORNIA CONSUMERS AND PAY MORE THAN $90,000 IN ADMINISTRATIVE FEES

* CALIFORNIA DBO SAYS REFUNDS REPRESENT ALL FEES AFTERPAY COLLECTED FROM MORE THAN 640,000 CALIFORNIANS IN TRANSACTIONS DBO CONCLUDED WERE ILLEGAL LOANS

* CALIFORNIA DBO SAYS UNDER SETTLEMENT, AFTERPAY TO MAKE FUTURE LOANS/CREDIT TO CALIFORNIA RESIDENTS UNDER CALIFORNIA FINANCING LAW LICENSE Source: bit.ly/2UeOanV Further company coverage:

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