Triton Management Group agrees to settle allegations of failing to disclose finance charges in ads

By Marian Johns | Jul 24, 2018

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) recently resolved its allegations against a small-dollar lender who failed to disclose finance charges in its advertisements.

The CFPB settled with Triton Management Group Inc., which operates under Always Money and Quick Pawn Shop. It allegedly violated the Dodd-Frank Wall Street Reform and Consumer Protection Act as well as the Truth in Lending Act.

Triton failed to disclose the annual percentage rate and failed to disclose finance charges for its auto title loans in Mississippi in advertisements, according to the Bureau.

As part of the settlement, Triton will pay $1,522,298, the amount that consumers paid to the company in undisclosed finance charges. The full amount is suspended subject to Triton's $500,000 payment to consumers who were affected, the CFPB said. Also, Triton and its subsidiaries are barred from misrepresenting costs and other terms of their loans. 

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