Calif. Agency Probes Auto Title Lender Over Bank Partnership
Law360 (September 3, 2020, 8:53 PM EDT) -- California's banking regulator said Thursday that it is investigating whether a West Coast auto title loan provider is using a lending partnership with an out-of-state bank to get around new interest rate caps that took effect in the state earlier this year.
The California Department of Business Oversight said it has issued a subpoena to Wheels Financial Group LLC, which does business under the name LoanMart, seeking financial information, emails and other material related to its partnership with CCBank, a community bank chartered in Utah.
The agency said it's scrutinizing their relationship as a possible sham lending arrangement designed to evade...
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