September 26, 2016

The 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. The lender also used unfair debt collection tactics that illegally exposed information about debts to borrowers’ employers, friends, and family. TMX Finance was ordered to stop its unlawful practices and pay a $9 million penalty.  CFPB

Tagged in: Misrepresentations,