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Maryland regulators have ordered a South Dakota-based payday lender to stop making loans to Maryland consumers, alleging that the company charged excessive interest rates and conducted business without being licensed. The Payday lender, Martin A. Webb DBA Western Sky Financial, Great Sky Finance and Payday Financial is accused of making loans with rates as high as 1,825 percent. Under Maryland law, payday lenders are allowed to charge a maximum interest rate of 33 percent on balances up to $1,000 and 24 percent on balances over $1,000. This is not the first payday lender shut down by Maryland regulators. In 2009 the Commissioner of Financial Regulation ordered Davis K. Ebo, Chijoke “Michael” Ebo, Toni McCullers-Ebo, Robert Thompson, Tierra Robinson and others, as well as their business entities, to stop making new consumer loans in Maryland and to stop collecting payments on loans previously made. The individuals were doing business under various names, including The Onyx Group, Onyx Stores, Cash Advance and Money Today.

Maryland: Orders South Dakota to stop making payday loans – baltimoresun.com

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