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- Government Actions:Consumer Financial Protection Bureau v. Pawn U.S.A., Inc.
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.
On December 19, 2016 the Consumer Financial Protection Bureau (CFPB) filed a complaint in the United States District Court for the Eastern District of Virginia. The complaint alleges the business violated Federal consumer financial law by failing to disclose accurate percentage rates (APR) on closed-end pawn contracts. Specially, it states that Pawn U.S.A.'s loan contracts which listed "amount financed," "finance charge," etc were "understating APR's by as much as half of the accurate rate" causing a misrepresentation of the true cost of the loan to the consumer. The matter is pending.
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Business Details
- BBB File Opened:
- 4/3/2017
- Business Started:
- 1/1/1991
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- Primary: Email this Business
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- Pawnbroker
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