One of Mississippi’s payday lenders that are largest had been efficiently forced away from company Wednesday after a judge ruled that state banking regulators could revoke the business’s licenses during its benefit of state charges.

Hinds County Chancery Judge Dewayne Thomas final thirty days had temporarily blocked charges against All American Check Cashing because of the state dept. of Banking and Consumer Finance. But he ruled belated Tuesday which he wouldn’t reinstate All United states’s licenses to cash checks or make loans even though the company fights their state agency.

The Madison-based business appealed Wednesday towards the Mississippi Supreme Court, arguing that also short-term enforcement of penalties passed down because of the state dept. of Banking and customer Finance “is the equivalent of the death penalty” for the business.

“with no stay of enforcement to protect the status quo during All United states’s appeal, All United states are going to be economically devastated with definitely no recourse or road to being made entire if the appeal is prosperous,” lawyer Michael Cory Jr. had written.

Chief Justice William Waller Jr. ordered banking regulators to respond by Friday. For the time being, the organization can not cash checks or make brand new loans at its 42 Mississippi shops. All American can still collect repayments on outstanding payday and name loans.

Federal and state regulators in 2014 accused All American of a systematic scheme orchestrated by business leaders to evade Mississippi’s prohibition against rolling over pay day loans by pressing clients to cover only interest and carry on the mortgage.