SACRAMENTO – The Ca Department of company Oversight (DBO) today filed an action (PDF) to void loans and revoke the licenses of Fast Money Loan, a prominent Southern California auto title loan provider, for numerous and consistent violations of this state’s lending regulations.

The longer Beach-based lender important link routinely charged customers more interest and charges than allowed by legislation, did not consider borrowers’ capacity to repay as needed, freely utilized its unlawful not enough underwriting as an advertising device, involved in false and deceptive advertising, operated away from unlicensed places, and didn’t keep required documents that will document its unlawful task, the DBO’s accusation alleges.

The DBO also has commenced an investigation to determine whether the more than 100 percent interest rates that Fast Money charges on most of its auto title loans may be unconscionable under the law in addition to the formal accusation. On August 13, 2018, the Ca Supreme Court issued a viewpoint in De Los Angeles Torre v. CashCall, Inc. affirming the ability regarding the DBO “to take action as soon as the interest levels charged [by state-licensed lenders] prove unreasonably and unexpectedly harsh.”

The DBO present in two split examinations that RLT Management, Inc., which does company as Fast Money Loan at a purported 31 places statewide, leveraged charges that borrowers owed to your Department of cars to push those borrowers’ loan quantities above $2,500, the limit at which state rate of interest restrictions not any longer use, the DBO alleges. [Read more…]