San Francisco City Attorney Dennis J. Herrera and Money Mart (also known as Loan Mart) have reached a settlement requiring Money Mart to repay California consumers who took out “pay day advance” loans.
On behalf of California consumers, City Attorney Dennis J. Herrera sued Money Mart (owned by Dollar Financial Inc.) alleging that certain loans offered at Money Marts in 2005 were illegal and that installment loans offered in Money Mart stores from 2005 to 2007 were illegal. The City Attorney and Money Mart have reached a settlement requiring Money Mart to repay Californians who took out the loans at issue.
Am I eligible to make a claim for repayment?
You are eligible to make a claim for repayment if:
- you borrowed a pay day advance loan (sometimes called a “Cash ‘til Payday” loan) at a Money Mart store between January 2005 and July 2005, or
- you borrowed an installment loan (sometimes called a “CustomCash” loan) at a Money Mart store between July 2005 and March 2007.
How much of a repayment can I receive?
The amount you are eligible to receive will depend on your particular circumstances and the total amount of repayments sought by all eligible claimants.
If you are eligible for a repayment, the amount of your payment would be calculated by taking the full amount of interest, fees or finance charges that you paid on these loans, and subtracting from that amount:
- a deduction of $45 for each two weeks of the loan term during which the outstanding principal balance was more than
- any amount you owe to Money Mart for the loan principal on this or other loans, and
- any amounts you owe to Money Mart in connection with check-cashing transactions.
If the total of the repayment amounts of all eligible claimants is greater than the $7.5 million available for repayment, each eligible claimant’s repayment amount may be reduced proportionately to bring the total of all claims payments to no more than $7.5 million. Persons eligible for repayment amounts of $20 or less will not receive any payment.
How do I claim my cash award?
Complete the attached Claim Form and mail it to the third-party Settlement Administrator, Gilardi & Co., LLC at the address below. It must be postmarked by October 1, 2012. Claims postmarked after October 1, 2012 will not be eligible. Mail to:
Installment Loans Settlement Administrator
c/o Gilardi & Co., LLC
PO Box 8060
Corte Madera, CA 94912-8060
Tel: (877) 226-3008
Phone | Money Mart Settlement Hotline at (866) 497-5497
Email | MoneyMartSettlement@sfgov.org
Facebook | facebook.com/sfcityattorney