Driver Loan, LLC, and Angelo Jose Sarjeant
On November 5, 2020, the Consumer Financial Protection Bureau (Bureau) filed a lawsuit against Driver Loan, LLC and its Chief Executive Officer, Angelo Jose Sarjeant, for violations of the Consumer Financial Protection Act of 2010 (CFPA). Driver Loan is a limited-liability company based in Doral, Florida that offers short-term, high-interest loans to consumers funded by deposits made by other consumers. The Bureau’s complaint alleged that Driver Loan and Sarjeant engaged in deceptive acts or practices that violated the CFPA by misrepresenting the risks associated with the deposit product offered to consumers and by misrepresenting the annual percentage rates associated with extensions of credit it offered to other consumers. On June 1, 2021, the court entered a stipulated final judgment and order that requires defendants to return consumers’ deposits—roughly $1 million—plus all interest due to consumers under the terms of the advertised product, and to pay a $100,000 penalty. The defendants are also permanently banned from engaging in deposit-taking activity and from making deceptive statements to consumers.