Chairman of Advance America steps down

The chairman and co-founder of payday lender Advance America Cash Advance Centers has stepped down. The Spartanburg-based check cashing business said Tuesday that George Dean Johnson had resigned from the board of directors, citing "personal reasons" and not problems with the company. Advance America says co-founder William M. Webster IV will replace Johnson. Webster has held several positions with Advance America, most recently serving as vice chairman. Founded in 1997, Advance America calls itself the nation's leading payday advance company, with more than 2,800 centers. The industry has recently come under fire, with some analysts predicting companies would struggle as state lawmakers propose bills to cap interest rates the lenders may charge.

--Associated Press