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US Equity Advantage Temporarily Suspends Business in 16 States

ORLANDO, Fla. — US Equity Advantage (USEA) will temporarily suspend its biweekly loan payment service in 16 of the 50 states in which it does business at the end of September. The decision comes in response to recent regulatory changes concerning licensed money transmission and related restrictions placed on the company by its banking partners. ... Read More »

September 16, 2015
2 min to read


ORLANDO, Fla. — US Equity Advantage (USEA) will temporarily suspend its biweekly loan payment service in 16 of the 50 states in which it does business at the end of September. The decision comes in response to recent regulatory changes concerning licensed money transmission and related restrictions placed on the company by its banking partners.

USEA officials said the company has a robust commitment to ethical business practices led by a full time compliance officer whose department actively works to meet all regulatory issues in the marketplace, including adherence to state money transmission licensing in all 50 states.

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“Due to evolving regulatory oversight, we are ending a business process that has allowed us to offer our biweekly loan payment services in states where we do not hold licenses,” CEO Robert Steenbergh said. “Our company remains strong despite this temporary situation. It affects less than one percent of our customers and nonetheless, we continue to operate in more states than any of our competitors.

“Our goal remains to serve customers in all 50 states, and we envision completing the necessary licensing requirements to do so in the near future,” he added.

In anticipation of the Sept. 30 deadline, USEA stopped accepting new enrollments from the affected states on Sept. 5. The company will continue its biweekly loan payment service to existing customers through the end of the month and is developing information and assistance to help them temporarily convert responsibility for their auto loan payments in an efficient and thoughtful manner.

During the loan service suspension, these customers can continue to take advantage of the company’s other AutoPayPlus benefits including several free financial planning tools launching later this month that will make it easier for customers to automate their bill payments, organize their finances, monitor their credit, and create a budget and savings plan for the future.

The affected states are: Alabama, Alaska, Arkansas, California, Colorado, Idaho, Mississippi, Nebraska, Nevada, New York, Oregon, South Dakota, Texas, Utah, Wyoming and also Washington, D.C.

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