Attorney General Settles With Vehicle Title Lender

September 23, 2015

Manor Resources, LLC (also known as “Turbo Title Loans”), an Illinois company that provides high-interest loans over the internet by requiring borrowers to assign their vehicle titles, will pay over $16,000 to five Vermont consumers and pay the State of Vermont $12,000 to settle claims that the company violated Vermont consumer protection and lending laws. “Vehicle title loans are a particularly harmful form of predatory lending,” said Attorney General William H. Sorrell. “These loans threaten an essential asset of consumers—their vehicles. We will continue to protect Vermonters from unlicensed lenders doing business over the internet.” More information on the Attorney General’s crackdown on illegal lending can be found here.

Under the terms of the settlement, Manor Resources will, among other terms: (1) refund all interest and fees collected from Vermont consumers for a total of $16,043 paid to five consumers; and (2) pay $12,000 in civil penalties and costs to the State. Manor Resources has stated that, as of June 2013, it has ceased lending to Vermont consumers.

Consumers who have obtained loans from lenders who are not listed as licensed with the Vermont Department of Financial Regulation can file a complaint with the Attorney General’s Consumer Assistance Program, or mail a complaint to “Consumer Assistance Program,” 146 University Place, Burlington, VT 05405.

Published: Sep 23, 2015

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