March 28, 2017 8:03 PM ET

Consumer Finance

Company Overview of 2262011 Ontario-Delaware Inc.

Company Overview

2262011 Ontario-Delaware Inc., doing business as MoneyKey, offers short-term, small dollar loans online. The company was incorporated in 2011 and is based in Wilmington, Delaware.

3422 Old Capitol Trail

Suite 1613

Wilmington, DE 19808

United States

Founded in 2011

Phone:

866-255-1668

Fax:

866-461-6539

Key Executives for 2262011 Ontario-Delaware Inc.

2262011 Ontario-Delaware Inc. does not have any Key Executives recorded.

2262011 Ontario-Delaware Inc. Key Developments

The Virginia Office of the Attorney General Reaches Settlement with Moneykey, Inc., for Alleged Violations of the State's Consumer Finance Statutes and the Virginia Consumer Protection Act

The Virginia Office of the Attorney General announced that it has reached a settlement with MoneyKey Inc., for alleged violations of the state's consumer finance statutes and the Virginia Consumer Protection Act (VCPA). The settlement will provide more than $4 million in forgiven interest and fees to 5,000 Virginians who defaulted on, or are currently paying off, their cash advances, and $18,000 in restitution to more than 170 consumers who fully repaid their cash advances. The settlement announced resolves allegations that MoneyKey violated Virginia's consumer finance statues by imposing illegal charges on borrowers who received open-ended credit loans. It also resolves allegations that MoneyKey violated the VCPA by misrepresenting its licensure status in Virginia and by misrepresenting that its loans were compliant with Virginia's open-end credit statute, when they, in fact, were not. The settlement includes the following key terms relating to cash advances made by MoneyKey during the period: MoneyKey agrees to provide approximately $4 million in interest forgiveness to more than 5,000 Virginia customers who have either defaulted or continue to make loan-related payments; MoneyKey agrees to offer approximately $18,000 in refunds to about 170 Virginia customers who have paid off their loans, but were charged fees that allegedly violated Virginia's consumer finance statutes; A permanent injunction preventing MoneyKey from violating the VCPA; A permanent injunction preventing MoneyKey from violating the consumer finance statutes in the future by charging and receiving excess interest, unless otherwise allowed by statute; and MoneyKey agrees to pay the Commonwealth $30,000 for reimbursement of its legal fees and costs.

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