Triton Management Group, Inc.
The Bureau found that Triton deceived Mississippi consumers in violation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and violated the disclosure requirements of the Truth in Lending Act by failing to disclose thousands of dollars in finance charges associated with their auto title loans. The Bureau also found that Triton used advertisements that failed to disclose the annual percentage rate and other information required by the Truth in Lending Act.
Under the Dodd-Frank Act, the Bureau is authorized to take action against institutions that engage in unfair, deceptive, or abusive acts or practices, or that fail to make required consumer protection disclosures as required by the Truth in Lending Act. Under the terms of the consent order, Triton and its subsidiaries are barred from misrepresenting the costs and other terms of their loans and must return unlawful fees paid by consumers. The order enters a judgment of $1,522,298 against Triton, which represents the undisclosed finance charges consumers paid on their Triton loans. As explained in the order, full payment of this amount is suspended subject to Triton’s paying $500,000 to affected consumers.