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bama, Arizona, Delaware, Florida, Georgia, Idaho, Illinois, Kansas, Mississippi, Missouri, Nevada, New Mexico, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin. TitleMax claims to have almost 4,000 employees and to serve thousands of people every day.

TitleMax is a repeat offender. TitleMax has been under a CFPB Order since September 26, 2016, for its lending and debt-collection practices. At that time, the CFPB ordered the company to pay a $9 million penalty.

Between Oct. 3, 2016, and Sept. 17, 2021, TitleMax made at least 2,670 prohibited auto title loans to borrowers covered under the Military Lending Act. It also charged borrowers unlawful fees on about 15,000 loans. Specifically, TitleMax and its subsidiaries harmed military families and other consumers by, among other things:

Making illegal loans at unlawful rates and covering up their behavior: TitleMax made illegal auto title loans to military families at annual interest rates over 36% and many times over 100%. TitleMax offered the loans while withholding information about military families’ rights under the Military Lending Act – under which both title loans and annual interest rates above 36% are illegal. Its loans also included mandatory arbitration clauses and unreasonable notice provisions that the Military Lending Act prohibits. TitleMax covered its tracks by, doctoring personally identifiable information so borrowers would not be identified as service members.

TitleMax charged fees for a useless product on thousands of loans. The company claimed the fees were for an insurance product to protect the company against potential losses, but the product did not provide any coverage for these loans. The company also charged fees for this product on loans that did not qualify for coverage. In addition to ending its illegal lending practices, today’s order requires TitleMax to:

• Pay $5.05 million to consumers: for being wrongfully repossessed. Consumers are not required to take any action to get the money to which they are entitled.

• Stop illegal lending practices:

• Pay a $10 million fine: TitleMax will pay a $10 million penalty, which will be deposited in the CFPB’s victims relief fund.

Writer

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