By: Car Title Loan Startup Guy. It’s no secret that state regulatory agencies are attempting to fund their budgets via fines paid by licensed car title, payday loan and installment loan lenders. Recently, Sue Hofer, a spokes person for the Illinois Department of Financial and Professional Regulation said the following, “The state financial regulation agency has fined several payday and title loan companies in Springfield and the surrounding area for rules violations found by agency inspectors during annual examinations of the companies. The fines, which ranged from $1,000 to $7,000, were as a result of enforcement actions over the past several months.”
My point? Study the so-called errors made by these companies and get your house in order. And check out some of these names! Even the “big boys” screw up.” Of course, the companies listed below who eventually prove the state examiner who made the faulty claim will never be exonerated here or anywhere else. That info gets buried on page 47 of the “South Beach Who Gives a Crap News.”
Consumer Credit Section
AAA Cash Loans, Inc., Alton – CILA license (2754) fined $7,000 for the following violation: Title-secured loan is not repayable in weekly, bi-weekly, semi-monthly, or monthly installments.
A-All Financial Services, Inc., Chicago – PLRA license (1317) fined $2,000 for the following violation: Lender made an installment payday loan exceeding 22.5% of the obligor’s gross monthly income or Lender made a payday loan exceeding 25% of the obligor’s gross monthly income.
ABC Consumer Loans, LLC, Metropolis – CILA license (2930) fined $6,250 for the following violations: The lender took a vehicle title as security on a Small consumer loan. Lender did not obtain any official documentation of the borrower’s income before making a Small consumer loan.
AC Autopay, LLC, Denver, CO – SFA license (1410) fined $1,000 for the following violation: File does not contain evidence of a contract signed or acknowledged by the borrower.
Advance America, Cash Advance Centers of IL, Inc., Galesburg – PLRA license (1040) fined $1,000 for the following violation: Licensee did not refund unearned finance charges based on the actuarial method.
Advance America, Cash Advance Centers of IL, Inc., Pekin – PLRA license (1053) fined $1,250 for the following violation: Licensee did not refund unearned finance charges based on the actuarial method.
Advance America, Cash Advance Centers of IL, Inc., Rockford – PLRA license (1023) fined for $6,000 for the following violations: Lender did not input accurate information into the database to determine if the obligor was eligible for a loan. Lender did not enter into the database Continue Reading..
