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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 Remaining Title Liens
PHILADELPHIA — Attorney General Josh Shapiro today filed case against a vehicle that is delaware-based loan provider for breaking Pennsylvania’s usury and racketeering rules.
The lawsuit alleges that Dominion handling of Delaware, Inc. And Dominion Management Services, Inc., which did business as CashPoint, issued loans with interest levels significantly more than 200 % – in a few full instances because high as 360 per cent interest. As mentioned when you look at the lawsuit, CashPoint loaned a lot 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 toward payment among these loans – a 128 % revenue.
“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 safeguard customers within the Commonwealth from all of these forms of schemes. (więcej…)