Financial Lawbreakers, Beware

Posted On: July 23, 2010 at 1:22 p.m.

Filed Under: cash advance department of banking

For those companies out there looking to take advantage of consumers with little money or financial background, they need to be aware. Banking departments in Pennsylvania (and, assuredly, other states) are cracking down on illegal practices in lending industries like cash advances and mortgages: “The Department of Banking took 26 enforcement actions and suspended three mortgage licenses during the second quarter of the year. [[ads]]

Enforcement highlights included: The department issued six cease and desist orders against companies engaged in unlicensed loan modification activities. The department entered consent agreements with 10 mortgage loan companies for violations of the Mortgage Licensing Act and/or unlicensed activity.
The department issued a cease and desist order against an Internet payday lender after receiving complaints from a Pennsylvania consumer who was charged interest and fees in excess of state law” (http://www.prnewswire.com/news-releases/pennsylvania-banking-department-announces-quarterly-report-on-enforcement-actions-98041209.html). What makes this department good is that it allows the industry to continue working, but enforces laws that protect the consumer.

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