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Consent Order Bars Internet Lender From Nevada

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File photo of money.(photo credit: ALI AL-SAADI/AFP/Getty Images)

File photo of money.(photo credit: ALI AL-SAADI/AFP/Getty Images)

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CARSON CITY, Nev. (AP) — An Internet lending firm has agreed to pay a $50,000 administrative fine and stop originating loans in Nevada.

The state Financial Institutions Division announced a consent order Monday with Western Sky Financial LLC, which is not licensed in Nevada.

Officials in June issued a cease and desist order preventing Western Sky from lending without a license.

The company then requested an administrative hearing, which resulted in the consent order.

Under the agreement, the cease and desist order becomes permanent and loans made by the company cannot be enforced or collected through legal action.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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