How Georgia’s Top GOP Leaders Have Blocked Title Lending Reform

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TMX Finance and Select Management Resources, the owners of two major title lending brands, have been cozying up to #Georgia lawmakers in a position to bottleneck industry reform.

#Loans #Lending #TitleLoans #TitleMax #LoanMax #PersonalFinance #PredatoryLending

https://www.propublica.org/article/how-gop-leaders-block-title-lending-reform-georgia?utm_medium=social&utm_source=mastodon&utm_campaign=mastodon-post

CFPB Fines TitleMax $15 Million for Predatory Lending
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The federal consumer watchdog says Georgia-based #TitleMax intentionally evaded laws meant to protect military families from predatory lenders.

It's also accused of charging illegal insurance fees to more than 17,000 customers

#CFPB #Regulation #Lending #Loans #TitleLoans #Georgia

https://www.propublica.org/article/consumer-financial-protection-bureau-fines-titlemax-15-million-for-predatory-lending?utm_medium=social&utm_source=mastodon&utm_campaign=mastodon-post

Inside the Controversial Sales Practices of the Nation’s Biggest Title Lender
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Former #TitleMax store managers told ProPublica & The Current that they faced repercussions for telling customers how to pay off their #debt quickly or in full.

“I carry a lot of guilt,” said Cordelius, who managed a TitleMax store in #Georgia. “My community trusted me. What the company was selling to the community wasn’t good for them.”

#Loans #TitleLoans #PersonalFinance #Credit

https://www.propublica.org/article/inside-sales-practices-of-biggest-title-lender-in-us?utm_medium=social&utm_source=mastodon&utm_campaign=mastodon-post