AG Josh Shapiro gets more than $1 million back for consumers from illegal car loan operation
HARRISBURG (KDKA) - The owners of a car title loan business have been ordered to refund more than $1.5 million to Pennsylvanians.
Attorney General Josh Shapiro said CashPoint gave thousands of unlawful loans at annual interest rates exceeding 200 percent.
"Because they were based in Delaware and Florida, these defendants thought they could evade Pennsylvania laws," said Shapiro. "But I don't care where you are, if you exploit Pennsylvania consumers, you're going to hear from my office. Today's settlements hold CashPoint and Approved Financial accountable and put other bad actors on notice."
The refunds are also in addition to debt cancellations for the victims.
Shapiro also reached a similar settlement with Approved Financial and that company has agreed to cancel all outstanding loans.