Consumer Bureau Action Tracker

CFPB – TMX Financing


State

Nationwide

target

TMX Finance LLC

Topics

Enforcement, Civil Penalty Fund, Payday Loans

The CFPB levied a $9 million fine against TMX Finance, which conducts business under the name TitleMax, for “abusive debt collection tactics” including “misleading customers” into signing up for “title pawn loans that renew each month while failing to disclose that the loans carry annual interest rates of up to 300 percent.” TMX Finance agreed to settle with the CFPB for $9 million without admitting any wrongdoing.

  • On September 26, 2016, the CFPB hit TMX Finance, which conducts business under the name TitleMax, with “a $9 million fine for allegedly misleading customers on the cost of its auto pawn loans and using abusive debt collection tactics.” The CFPB alleged TitleMax’s employees “misled customers into signing up for title pawn loans that renew each month while failing to disclose that the loans carry annual interest rates of up to 300 percent.” TMX Finance agreed to settle with the CFPB for $9 million without admitting any wrongdoing. [Russell Grantham, “Savannah’s TitleMax gets $9 million fine for alleged pawn loan abuses,” Atlanta Journal-Constitution, 09/26/16]

Status

Inactive or Resolved


2016-CFPB-0022 9/26/2016 9/26/2016

CFPB Fines Titlemax Parent Company $9 Million for Luring Consumers Into More Costly Loans
http://www.consumerfinance.gov/policy-compliance/enforcement/actions/tmx-finance-llc/

  • Consumer Financial Protection Bureau (CFPB)
  • Administrative filing
  • None
  • Nonbank
  • $9,000,000
  • Not Available

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