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

Lawsuit Seeks reimbursement of More 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 automobile name loan provider for breaking Pennsylvania’s usury and racketeering 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 significantly more than 200 % – in certain instances https://speedyloan.net/payday-loans-ga because high as 360 per cent interest. As previously mentioned within 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 of these loans – a 128 per cent profit.

“These defendants thought 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 into the Commonwealth because of these forms of schemes. Continue reading