Attorney General Shapiro Sues Out-of-State Car Title Lender for Violating PA Usury and Racketeering Laws

Attorney General Shapiro Sues Out-of-State Car Title Lender for Violating PA Usury and Racketeering Laws

Lawsuit Seeks Refund of greater than $3 Million in prohibited Interest to 3,200 PA customers as well as the launch of Over 1,000 Title that is remaining Liens

PHILADELPHIA — Attorney General Josh Shapiro today filed case against A delaware-based car name loan provider for violating Pennsylvania’s usury and racketeering laws and regulations.

The lawsuit alleges that Dominion handling of Delaware, Inc. And Dominion Management Services, Inc., which did business as CashPoint, issued loans with interest levels a lot more than 200 per cent – in certain full situations because high as 360 % interest. As mentioned when you look at the lawsuit, CashPoint loaned significantly more than $2.5 million through 3,200 unlawful name loans to Pennsylvania residents. Since 2013, CashPoint has collected $5.7 million from Pennsylvania customers payday loans colorado toward payment among these loans – a 128 % profit.

“These defendants believed that they could evade Pennsylvania laws and exploit consumers by charging illegally high interest rates, ” Attorney General Josh Shapiro said because they were based in Delaware. “By filing this lawsuit, I’m keeping them accountable and working to protect customers into the Commonwealth from all of these kinds of schemes. Continue reading “Attorney General Shapiro Sues Out-of-State Car Title Lender for Violating PA Usury and Racketeering Laws”