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Michigan sets brake system on illegal car title loans

Friday, February 21st, 2020

High-risk car name loans hurt Michigan consumers.

Tale Features

Financially-troubled Michigan motorists who looked to title that is bad for money might find some relief after action because of their state Attorney General’s Office.

Michigan Attorney General Bill Schuette has battled to prevent collections on unlawful automobile name loans agreed to Michigan customers from Liquidation, which does business as AutoLoans, Sovereign Lending Solutions, auto loan along with other names.

Their state has said these firms aren’t authorized to accomplish company in Michigan as being a pawnbroker if not as a liability company that is limited.

Significantly more than 440 consumers that are MIchigan stuck with triple-digit rates of interest including 161.95per cent to 251.03percent after taking out fully such loans online. (more…)

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