Regulatory Alerts2024-06-14
Pennsylvania Department of Banking and Securities Order to Show Cause Against TitleMax Entities
The Pennsylvania Department of Banking and Securities issued an Order to Show Cause against TitleMax and its affiliates for allegedly violating state lending laws by charging interest rates up to 720 percent on over 5,270 loans to Pennsylvania residents between 2008 and 2017. The Compliance Office alleges that these unlicensed transactions breached the Loan Interest and Protection Law and seeks civil penalties of $10,000 per offense along with restitution for actual damages. The defendants are required to file a written Answer within 30 days to challenge the allegations and request a hearing before the Banking and Securities Commission.
Share