INDIANAPOLIS, Ind. – Attorney General Todd Rokita, in collaboration with the Indiana Department of Financial Institutions (DFI), has obtained a settlement of more than $250,000 from a group of Indiana companies that originated deceptive and unlicensed personal loans to Hoosiers purchasing vehicles.
The defendants, Integrity Acceptance Corp. and related entities, extended loans to Indiana consumers who bought vehicles from Empire Auto Group.
Integrity Acceptance Corp. and related entities provided personal loans to consumers to finance taxes and down payments associated with vehicle purchases. One company lacked the required license from DFI to originate and service such personal loans and also committed other violations of Indiana law, including contracting for charges in excess of the maximum allowable rate, misrepresenting finance charges, and failing to disclose prepaid finance charges.
The companies’ actions violated the Indiana Uniform Consumer Credit Code and Indiana Deceptive Consumer Sales Act.
As part of the settlement, the various Integrity Acceptance entities will forgive consumer loans totaling $223,685, pay consumer restitution in the amount of $33,991, and pay civil penalties and costs to the State of Indiana in the amount of $33,000. The Integrity Acceptance entities and their owners are also prohibited from engaging in similar conduct in the future.