Regulatory Alerts2024-12-06
Added · Updated
Consent Order Against Lendbuzz Funding LLC d/b/a Lendbuzz
Lendbuzz Funding LLC must cease unlicensed small loan and sales finance company activities in Connecticut and pay a $10,000 civil penalty and $5,200 in back licensing fees. The entity is required to reimburse Connecticut borrowers for amounts paid in excess of a 12% annual percentage rate on loans made while unlicensed. Lendbuzz must also limit collection on outstanding transactions to 12% APR and update internal compliance policies, with the order becoming final upon issuance by the Banking Commissioner.
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