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Carey V. Brown forced to shut down payday loan websites

555 views · Published 16 August 2013 · 0:55 · Indexed 18 October 2026

Channel: chattanooga times free press · 2013 · News & Politics

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A Chattanooga philanthropist has been forced to shut down his websites.
Carey V. Brown employs hundreds of workers in Chattanooga, and now his payday loan websites are being targeted.
The move comes after a letter from New York regulators urging banks to choke off access for quote "illegal lenders."
The Times Free Press was the first to report that Brown's websites were charging fees in excess of the legal limit in Tennessee,  and were operating here without a license.

But Brown argues his websites are technically operated from offshore servers, so they don't need to comply with state law.

Even so, Brown eventually stopped lending in Tennessee and several other states.

And he took steps to set up his business at an Indian reservation, which would help it avoid state law.
But that only works if Brown can keep access to the banking system -- something New York regulators are now working to prevent.

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