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Some state citations accused TitleMax and other lenders of improperly writing loans with repayment terms that sucked up more than half the borrower’s monthly income. Illinois officials hit TitleMax stores with about 90 fines for more than $527,000 in the past 18 months.
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Since 2011, about 150 bills to cap interest rates or crack down on lending abuses died in 20 state legislatures.
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Title lenders insist they provide a vital financial service to people who can’t take out a bank loan or get credit when they need fast cash.Ĭonsumer advocates scoff at this notion. Most states have either permitted the companies to operate for years, or kept them out with usury laws that cap interest rates.
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Many of these states allow lenders to tack on interest that can top 300 percent, and to seize and sell off cars when borrowers fail to pay. It’s legal in about half the states to pledge a car title as collateral for short-term loans of a few hundred dollars or more. We want them to conduct their business legally and not be taking advantage of the public.” “We believe it is very important that we get them under control. “Our position is that they are a bad actor,” said George Burns, who heads the Nevada Financial Institutions Division. In October, Whitaker filed a complaint with state regulators, who say the giant lender, TitleMax, which operates TitleBucks, violated state lending laws and estimate that it overcharged Nevada customers more than 6,000 times this year by nearly $8 million. “I had a hardship,” Whitaker said. “I was between a rock and a hard place.”
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Whitaker knows that was a mistake, but also feels misled by aggressive - and legally dubious - lending tactics. Instead, employees talked her into borrowing $2,000 more, which plunged the family deeper into debt, she said. Whitaker, 66, said nobody verified she, or her jobless son, could repay the loan, which carried interest of 121.545 percent. When she paid off the loan, she said, the company didn’t give back the title to the truck. So she and her son, Devon, went to a TitleBucks store in Las Vegas and took out a $2,000 loan, pledging his gold 2002 Ford F-150 truck as collateral. After years of financial ups and downs, Gloria Whitaker needed some quick cash to help keep a roof over her head.
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