On December 19, 2016, the Consumer Financial Protection Bureau (CFPB) announced enforcement actions against four separate pawnbrokers for allegedly deceiving consumers about the action annual costs of their loans.

The four pawnbrokers subject to the enforcement actions are Spotsylvania Gold & Pawn, Inc., Fredericksburg Pawn, Inc., Pawn U.S.A., Inc., and A to Z Pawn, Inc. All four pawnbrokers are based in Virginia.

According to the CFPB’s enforcement action, the companies misled consumers about the cost of their loans by “disclosing deceptively low annual percentage rates (APRs) that did not reflect all of the fees and charges tacked onto the loans.” The companies’ practices allegedly violated the Truth in Lending Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act.

To view the CFPB’s complaint against Spotsylvania Gold & Pawn, Inc., click here.

To view the CFPB’s complaint against Fredericksburg Pawn, Inc., click here.

To view the CFPB’s complaint against Pawn U.S.A., Inc., click here.

To view the CFPB’s complaint against A to Z Pawn, Inc., click here.