Payday lender Money3 has secured the rights to acquire stores from Cash Store, which went into administration earlier this month, as well as collect payments on outstanding loans.Money3 issued a statement to the Australian Securities Exchange yesterday, saying it had secured the rights to 41 Cash Store stores from the administrator, Bentley Corporate Recovery.It has also secured a deal with Assistive Finance Australia, a company associated with Cash Store, to collect its outstanding loan book. Money3 will charge Assistive 50 per cent of all funds collected for a period of six months, after which Money3 will take an "equitable assignment" of the book at no cost.This somewhat convoluted arrangement has been designed to make sure that Money3 does not assume any liability resulting from a claim brought against Cash Store and Assistive Finance by the Australian Securities and Investments Commission.Earlier in the month, ASIC launched legal proceedings against lending businesses operated by the company, seeking financial penalties for breaches of the consumer credit law. In proceedings filed in the Federal Court, ASIC claimed that Cash Store had breached its responsible lending obligations and engaged in unconscionable conduct.ASIC claimed that Cash Store and Assistive Finance provided unaffordable loans to a large number of their customers who were on low incomes or were recipients of Centrelink benefits. It also claimed that Cash Store sold insurance in relation to these loans when it was unlikely the customers would ever be in a position to make a claim on that insurance.Money3's chief executive, Rob Bryant, said the company had assurance that ASIC had no recourse to it over these matters. However, the loan collection deal was structured to make sure Money3 would not assume any liability.The loan portfolio has A$2.5 million of loans in a current book and $7 million of loans in a "slow book".The deal will give it access to 30,000 customers and doubles Money3's distribution network. The stores will be re-branded Money3.Cash Store has been in trouble for some time, reporting losses, instability in its senior management ranks and funding problems. On September 18 it announced it had received a letter from its third party lender's counsel giving notice that it was suspending its consent to allow Cash Store to broker any further loans to customers.Money3 made a net profit for the year to June of $5.2 million - an increase of 44.4 per cent over the previous year. At June 30 the value of the company's loan book was $31.2 million.Earlier this month, the company raised $11.9 million of equity capital through a share placement.