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 Refund of greater than $3 Million in prohibited Interest to 3,200 PA customers as well as the launch of Over 1,000 Remaining Title 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 guidelines.

The lawsuit alleges that Dominion handling of Delaware, Inc. And Dominion Management Services, Inc., which did business as CashPoint, issued loans with interest rates significantly more than 200 per cent – in certain full instances up to 360 % interest. As mentioned into the lawsuit, CashPoint loaned significantly more than $2.5 million through 3,200 unlawful name loans to Pennsylvania residents. Since 2013, CashPoint has collected $5.7 million from Pennsylvania customers toward payment of those loans – a 128 % revenue.

“These defendants thought that simply because they had been located in Delaware they are able to evade Pennsylvania laws and regulations and exploit customers by recharging illegally high rates of interest, ” Attorney General Josh Shapiro said. Continue reading “Attorney General Shapiro Sues Out-of-State Car Title Lender for Violating PA Usury and Racketeering Laws”