Washington State Department of Financial Institutions

Consumer Alert:
Greenwood Holdings LLC

Unlicensed Payday Loans

April 29, 2013

The Washington State Department of Financial Institutions (DFI) warns consumers to verify that any lender with which they consider doing business holds a Washington State license for providing payday loan services. Consumers are urged to verify licensing status prior to giving the lender nonpublic personal information, such as social security number and checking account access.

DFI has received a complaint against Greenwood Holdings LLC. It appears that this entity is operating as an unlicensed payday lender. The Washington consumer indicated the lender charge excessive fees and interest and contacted her with harassing phone calls in an attempt to collect. Greenwood Holdings LLC claims not to be subject to the Washington State Check Cashers and Sellers Act because the company has no physical presence in the state.

Greenwood Holdings LLC is not licensed by DFI. This entity is not registered to conduct business in Washington State by the Department of Licensing, the Department of Revenue, or the Secretary of State. Washington residents are advised that state law provides in RCW 31.45.105(1)(d) and (3) that a small loan made by an unlicensed entity to a person physically located in Washington is uncollectible and unenforceable in Washington state.

Greenwood Holdings LLC has the following contact information:

Greenwood Holdings LLC
PO Box 4668
New York, NY 10163-4668
(855) 871-9317
Fax: (888) 839-2021
Email: greenwoodcs@midlandcompanies.net

Greenwood Holdings Group, LLC
4 Solomon’s Arcade
Charleston, Nevis West Indies

Verify Licenses

DFI strongly recommends that consumers deal only with those lenders that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the "Verify a License" feature on the DFI’s website at www.dfi.wa.gov.

Report Fraud

If you are suspicious of unlicensed activity by a payday lender in Washington state please contact the Department of Financial Institutions at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.

If you feel you have been the victim of a loan scam please contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357), or online at www.ftc.gov.

If you feel you have been the victim of a loan scam involving the Internet please contact the Internet Crime Complaint Center online at www.ic3.gov.

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