California Dept. of Business Oversight launches “true lender” investigation of auto title lender’s partnership with Utah bank
CFPB Monitor
SEPTEMBER 10, 2020
The DBO indicated that it “is investigating whether LoanMart’s role in the arrangement is so extensive as to require compliance with California’s lending laws. According to the DBO’s press release, until the FACA became effective, LoanMart was making state-licensed auto title loans at rates above 100 percent.
78 
Let's personalize your content