Newsroom

September 21, 2016

CFPB sues Ariz. title lenders

CFPB filed suit against five title lenders based in Arizona this week over their alleged failure to disclose the annual percentage rate for title loans in online advertisements.

CFPB says the activity has been going on since at least July 6. The lawsuits targets a violation of the Truth in Lending Act requirement that lenders advertising loan interest rates must include the corresponding APR.

The bureau filed five individual administrative lawsuits seeking civil monetary penalties as well as administrative orders demanding the companies correct their practices. The companies are: Auto Cash Lending, LLC; Interstate Lending, LLC; Oasis Title Loans, LLC; Phoenix Title Loans, and; Presto Auto Loans, Inc.

The case will be tried by an administrative law judge in the bureau's independent Office of Administrative Adjudication.