Regulatory Alerts2023-12-18
Commonwealth of Pennsylvania Department of Banking and Securities v. Cars 4 You LLC and Jaime Cespedes Lopez
The Pennsylvania Department of Banking and Securities issued an Order to Revoke the Installment Seller license of Cars 4 You LLC and its sole member, Jaime Cespedes Lopez, for failing to pay examination and license renewal fees. The Department determined that the licensees violated the Consumer Credit Code by not settling invoices totaling $908.00, which were reversed due to credit card fraud disputes. The order mandates the immediate revocation of the license and imposes a $4,000.00 civil penalty, while granting the respondents 30 days to file an answer and request a hearing to challenge the decision.
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