Earlier in the day this Maryland Attorney General Brian E. Frosh announced charges brought by his Consumer Protection Division against a title loan firm month. Frosh alleged that the name loan business issued unlicensed and title that is usurious in Maryland, causing economic injury to susceptible Maryland residents while placing them at an increased risk for repossession.
A title loan is a short-term loan that typically carries a higher rate of interest and needs the debtor to provide up the name for their vehicle as security. The name loan company under consideration had been speculated to make loans to customers, maintaining the games with their cars in case there is default. The title loan company would repossess and sell the vehicle if a borrower failed to make a monthly payment. Continue reading