TitleMax agreed to pay $15 million to resolve CFPB claims that the company issued thousands of auto title loans to military service members above a federally mandated 36% interest rate cap and tried to conceal the loans.
TMX Finance LLC, the parent company for TitleMax Inc. and several other auto title lenders, allegedly attempted to hide their illegal loans by altering the personal information of military borrowers, among other tactics, the Consumer Financial Protection Bureau said in a Thursday settlement.
The Military Lending Act is a 2006 law that bars companies from issuing loans above a 36% interest rate ...
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