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Thursday, November 21, 2024

Virginia: Internet lender to pay $264,000 after violating state's Consumer Protection Act

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RICHMOND, Va. (Legal Newsline) — Virginia Attorney General Mark Herring announced Oct. 25 that Investment Evolution Corporation, doing business as Mr. Amazing Loans (Mr. Amazing Loans), will pay $264,000 in restitution after allegations of violating the Virginia Consumer Protection Act (VCPA).

According to allegations, Mr. Amazing Loans offered closed-end installment loans online. The company purportedly falsely alleged to be certified by Virginia's Bureau of Financial Institutions(BFI). This section of Virginia’s Corporation Commission regulates consumer lending companies. Additionally, Mr. Amazing Loans charged consumers in the state 29.9 percent APR, which is more than the 12 percent limit allowed by Virginia law except in special circumstances.

"Virginians who resort to Internet loans are often exploited by their own circumstances-in need of money for groceries, rent, or car repairs," Herring said.  "Consumers should be wary of misrepresentations made by Internet lenders about being licensed by the government or about their ability to collect more interest than Virginia law allows.  I'm glad in this case we were able to get some relief to Virginians, and hope this settlement sends a clear message we will not allow Internet lenders to deceive, defraud, or abuse Virginians."


The settlement took the form of an assurance of voluntary compliance. The Circuit Court of the city of Richmond approved the settlement Oct. 13.

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