CFPB Fines Titlemax Parent Business $9 Million for Luring Customers Into more loans that are costly

CFPB Fines Titlemax Parent Business $9 Million for Luring Customers Into more loans that are costly

Lender Additionally Illegally Exposed borrowers debt that is to Employers, Friends, and Family

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) took action against TitleMax parent company TMX Finance LLC for luring consumers into costly loan renewals by presenting them with misleading information about the deals’ terms and costs today. The lending company also used unjust financial obligation collection tactics that illegally exposed information regarding debts to borrowers’ companies, buddies, and family members. The Bureau ordered TMX Finance to get rid of its practices that are unlawful spend a $9 million penalty.

“TMX Finance lured customers into more costly loans with information that hid the real expenses associated with the deal,” said CFPB Director Richard Cordray. “then they observed up with intrusive visits to domiciles and workplaces that put consumers’ private information in danger. Today we have been rendering it clear why these actions had been unacceptable and unlawful.”

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