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Interest Rates Title Loans

Ballard Spahr LLP

Military Lending Act violations alleged against title lender in Georgia class action

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A proposed class action lawsuit filed in the U.S. District Court for the Northern District of Georgia on February 21, 2024 against TitleMax of Georgia, Inc. and TMX Finance LLC (together, “TitleMax”) accuses the Georgia-based...more

Cozen O'Connor

Title Lender Pays for Allegedly Predatory Loans to Pennsylvanians

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Pennsylvania AG Michelle Henry settled with Community Loans of America, Inc. (CLA) to resolve allegations that the auto title lending company violated the state’s Unfair Trade Practices and Consumer Protection Law and its...more

Orrick, Herrington & Sutcliffe LLP

Title lender reaches settlement with Pennsylvania AG

On January 10, Pennsylvania AG Michelle Henry announced a settlement with a national auto title lending company, resolving alleged violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law and the Loan...more

Ballard Spahr LLP

California Dept. of Business Oversight launches “true lender” investigation of auto title lender’s partnership with Utah bank

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On September 3, 2020, the California Department of Business Oversight (DBO) announced that it has launched a formal investigation into whether Wheels Financial Group, LLC d/b/a LoanMart, formerly one of California’s largest...more

Ballard Spahr LLP

Virginia House of Delegates passes bill to establish 36% rate cap for “short-term” and other loans

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On January 31, 2020, by a vote of 65 to 33, the Virginia House of Delegates passed a bill that would establish a 36% rate cap on certain consumer loans.  Since Democrats also hold a majority in the Virginia Senate, the Senate...more

Ballard Spahr LLP

CA Dept. of Business Oversight files action against title lender for CA law violations; launches investigation into whether...

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The California Department of Business Oversight (DBO) has filed an administrative enforcement action against a title lender for alleged violations of California law and launched an investigation into whether the interest...more

Ballard Spahr LLP

CFPB issues statement regarding plans to reconsider payday loan rule

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Recently, the Bureau of Consumer Financial Protection released a Public Statement Regarding Payday Rule Reconsideration and Delay of Compliance Date. Echoing rumors that have been circulating in the industry for several weeks...more

Ballard Spahr LLP

Senators urge CFPB not to reconsider payday loan rule

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A group of Democratic senators (joined by two independent Senators) has sent a letter to Leandra English and Mick Mulvaney urging them to abandon any efforts by the CFPB to reconsider its final payday/auto title/high-rate...more

Ballard Spahr LLP

CFPB announces enforcement actions against auto title lenders

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The CFPB announced that it has filed administrative enforcement actions against five Arizona auto title lenders for alleged violations of Truth in Lending Act advertising requirements. According to the CFPB, the lenders...more

Goodwin

Michigan Attorney General Announces Default Judgment Against Automobile Title Loan Company Over Alleged Usurious Loans

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On June 8, 2016, the Michigan Attorney General announced that a Michigan court entered a default judgment and permanent injunction against an automobile title loan company over alleged usurious loans that violated the...more

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