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

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

Lawsuit Seeks reimbursement of greater than $3 Million in prohibited Interest to 3,200 PA Consumers as well as the launch of Over 1,000 Title that is remaining Liens

PHILADELPHIA — Attorney General Josh Shapiro today filed case against a vehicle that is delaware-based loan provider for breaking Pennsylvania’s usury and racketeering regulations.

The lawsuit alleges that Dominion Management of Delaware, Inc. And Dominion Management Services, Inc., which did business as CashPoint, issued loans with interest levels a lot more than 200 % – in a few instances because high as 360 per cent interest. As mentioned when you look at the lawsuit, CashPoint loaned a lot more than $2.5 million through 3,200 illegal name loans to Pennsylvania residents. Since 2013, CashPoint has collected $5.7 million from Pennsylvania customers toward payment of those loans – a 128 % 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 guard customers within the Commonwealth from all of these forms of schemes.Read more