TitleMax Appealing Refund Order
Auto title lender Title Max is appealing a judge's decision to refund thousands of title loans issued to customers in Nevada.
The Las Vegas Review-Journal reports that on Thursday the national company filed a petition for judicial review in connection to the order that it refund an estimated 6,140 customers who had a Grace Period Payments Deferment Agreement title loan in effect after Dec. 18, 2014.
The Nevada Financial Institutions Division on Aug. 12 issued a cease and desist order against the company's program, saying the grace period policy was illegal.
An administrative hearing found the program to be unlawful because its loan periods can run longer than what's allowed by state law.
Both TitleMax and the FID declined comment.