Loan Company Pays Up
Household International, one of the nation´s largest lenders, will pay $484-million to settle illegal lending allegations by state attorneys general and state financial regulators. California officials say the settlement includes $90-million for the state. The Illinois-based company includes the Household and Beneficial finance companies. The company had no immediate comment. For California, the company is agreeing to deposit the money in a restitution fund to be distributed by the state Department of Justice to borrowers who can prove they were overcharged on home equity and similar loans. The department has a toll-free telephone line, 800-952-5225, to handle the claims.