A federal consumer watchdog group has fined one Georgia-based company $15 million for predatory lending practices. TitleMax, which is headquartered in Savannah, offers short-term loans — at exorbitant interest rates — in exchange for a lien on the title of the borrower’s car.
In its order, the Consumer Financial Protection Bureau said TitleMax had intentionally evaded laws meant to protect military families from predatory lenders and, separately, charged illegal insurance fees to more than 17,000 customers.
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