Posts Tagged ‘Pawn Loans’
On May 9, 2017, Virginia’s Attorney General reached a settlement with Spotsylvania Gold & Pawn, Inc. to provide approximately $37,000 in refunds to over 1,400 consumers to resolve allegations that the Virginia-based pawnbroker charged illegal interest and fees.
On February 2, the CFPB and Virginia Attorney General filed a lawsuit in federal court against Woodbridge Coins and Jewelry Exchange, Inc., doing business as Woodbridge Gold & Pawn (Woodbridge). Woodbridge’s principal place of business is in Woodbridge, Virginia. Woodbridge operates as a pawnbroker, issuing closed-end loans secured by personal property.
The complaint alleges that Woodbridge’s actions violated the Truth in Lending Act (TILA), the Consumer Financial Protection Act (CFPA), Virginia’s pawnbroker statutes, and the Virginia Consumer Protection Act.
On December 19, 2016, the CFPB filed four lawsuits in federal district court against four Virginia pawnbrokers for alleged violations of the Consumer Financial Protection Act (CFPA) and the Truth in Lending Act (TILA).
All four of the Bureau’s complaints are very similar in substance and format. In each complaint, the Bureau alleges that the four companies deceived consumers by failing to disclose an accurate annual percentage rate (APR) on closed-end pawn contracts.
On November 3, the CFPB filed a lawsuit in Virginia federal district court against B&B Pawnbrokers, Inc. (“B&B”) for allegedly deceiving consumers about the actual annual cost of its loans.
B&B operates in Fredericksburg, Virginia and offers closed-end pawn and auto title loans. In the complaint, the Bureau alleged that B&B violated the Truth in Lending Act (TILA) and the Consumer Financial Protection Act (CFPA).