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Violation Tracker Individual Record

Company: TitleMax and TMX Finance
Current Parent CompanyTMX Finance
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $15,000,000
Year: 2023
Date: February 23, 2023
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: The CFPB found that TMX Finance, known as TitleMax, violated the Military Lending Act by extending prohibited title loans to military families and often by charging nearly three times over the 36% annual interest rate cap. The CFPB said TitleMax tried to hide its unlawful activities by, among other things, altering the personal information of military borrowers to circumvent their protected status. The CFPB also found that TitleMax increased loan payments for borrowers by charging unlawful fees. The CFPB's order required the company to pay more than $5 million in consumer relief and a $10 million civil money penalty.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Georgia
Ownership Structure of Current Parent: privately held
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: title lending
Source of Data(click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.