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"Government is not the solution…it is the problem" -Ronald Reagan



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Advance America shares hit all time low

Posted by Stephen on August 15, 2007

Shares of Spartanburg payday lender Advance America hit an all-time low a day after a Pennsylvania court ruled the Spartanburg company violated that states consumer law.

Advance America provided loans of as much as $500 to people in return for 6 percent interest plus a $150 monthly fee, a Pennsylvania court ruled in agreeing with the state Banking Departments claim that fees exceeded limits set in state law.

The opinion prevents Advance America from continuing to lend money or collecting on lines of credit or loans currently outstanding in the Commonwealth of Pennsylvania pursuant to the violations of state law.

Advance America said it would appeal.

Its shares slipped to $11.29, the lowest since the stock debuted in December 2004. Shares finished at $11.84, down $2.83.

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