Regulatory Alerts2024-05-20
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Consent Agreement and Order: Commonwealth of Pennsylvania Department of Banking and Securities v. Philly Auto Group, LLC
The Pennsylvania Department of Banking and Securities issued a Consent Agreement and Order against Philly Auto Group, LLC for violating the Consumer Credit Code by failing to properly itemize costs and charges in installment sale contracts. The settlement requires the company to pay a $500 civil penalty and implement corrective actions to ensure future compliance with itemization requirements. By entering this agreement, Philly Auto Group, LLC waives its right to a hearing or appeal while the Department reserves all other enforcement rights.
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