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Ameriquest to Pay 6.6 Million to Ohioans

Lending giant Ameriquest is expected to reform business practices while its parent company pays 325 million dollars to settle investigations by attorneys general in Ohio and several other states.

The Ohio Attorney General's office says Ameriquest handles mostly home refinancing loans to those trying to consolidate credit card and other debt and lower monthly payments. An investigation of Ameriquest uncovered unfair and deceptive business practices including inadequate disclosure of prepayment penalties and other loan terms.

The company estimates 17-thousand Ohioans who took out loans from 1999 through 2005 are eligible for about 6-pt-6 million dollars in restitution.