AP: AG sues over alleged predatory lending targeting retirees

The AP is reporting, ” Attorney General Lisa Madigan’s office is suing a company for what it says is an illegal predatory lending scheme that targeted the retirement benefits of Illinois residents.

Madigan’s office says in a news release that Nevada-based Future Income Payments LLC made installment loans without a license and tried to disguise them as “pension sales.”

Madigan’s office alleges the company illegally advertises the loans as a way to quickly obtain cash in exchange for people’s pension benefits. Because state and federal laws restrict selling or transferring pension benefits, the lawsuit contends that such sales are illegal…”