The Ca Department of Busine Oversight (DBO) today filed an action (PDF) to void loans and revoke the licenses of Fast Money Loan, a prominent Southern California car name loan provider, for numerous and consistent violations of this state’s lending guidelines.

The longer lender that is beach-based charged customers more interest and charges than allowed by legislation, neglected to consider borrowers’ power to repay as needed, freely utilized its unlawful not enough underwriting as a marketing device, involved with false and deceptive advertising, operated away from unlicensed places, and did not keep needed documents that will report its unlawful task, the DBO’s accusation alleges.

The DBO also has commenced an investigation to determine whether the more than 100 percent interest rates that Fast Money charges on most of its auto title loans may be unconscionable under the law in addition to the formal accusation. Read more