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Sacramento, June 17, 2005 -California Department of Corporations (Corporations) has brought enforcement actions against six payday loan stores operating in Southern California found to be transacting payday loans without a proper license in California.

Operators in the business of making a small, unsecured, short-term cash advance to customers, typically cleared on payday, are licensed by Corporations effective December 31, 2004 under the California Deferred Deposit Transaction Law.

Corporations issued desist and refrain orders to six payday lenders to halt payday loans including Anyday’s Payday and Loan of Yucaipa, Cash It Quick in Lancaster, D & J Market of Hesperia, Express Cash Advance in Lake Elsinore, K & W Check Cashing of Gardena, and Pro Check Cashing in Santa Ana. The move comes after an investigation, which determined that the companies had no legal authority to transact payday loans in this state.

“Unlicensed payday lenders evade state consumer protections and will not be tolerated as Corporations enforces the new law,” said California’s Acting Corporations Commissioner Wayne Strumpfer. “Just as importantly, it creates an unfair advantage for unscrupulous companies against those who operate within the scope of our state laws.”

The Department of Corporations is California’s investment and financing authority and is responsible for the regulation, enforcement, and licensing of securities, franchises, off-exchange commodities, investment and financial services, independent escrows, consumer and commercial finance lending, residential mortgage lending, and payday lenders. For further information or to obtain a complaint form, please visit Corporations’ Web site at www.corp.ca.gov or call our consumer resource center toll-free at 1-866-ASK-CORP (1-866-275-2677).