Debt Collector Sued For Lacking Pa. License To Seek Interest

Law360 (August 14, 2019, 7:13 PM EDT) -- A New Jersey debt collection agency is barred by Pennsylvania law from trying to collect more than 6% interest on the underlying loans since it wasn’t licensed under the state’s Consumer Discount Company Act, according to a proposed class action complaint filed late Tuesday in a Pittsburgh federal court.

The suit said Velocity Investments LLC violated the CDCA by trying to collect the full amount of principal and interest on a pair of loans originally issued by WebBank to proposed lead plaintiffs Mary Ellen Meola and Robert Griffith, through a pair of lawsuits Velocity had filed in Washington County’s Magisterial District...

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