Pennsylvania Banking and Securities Department Warns Consumers About Unlicensed Auto Title Loan Schemes

HARRISBURG, Pa., June 26, 2015 /PRNewswire-USNewswire/ -- The Pennsylvania Department of Banking and Securities has issued a Cease and Desist Order and is alerting the public about several unlicensed auto title loan schemes being perpetrated under the names Autoloans LLC, Car Loans LLC, and Loan Servicing Solutions LLC by William McKibbin III of Boca Raton, Fla., Kevin Cronin of Boynton Beach, Fla., Mark Edward Weiner of Delray Beach, Fla., and Kelly S. Bonner of Wellington, Fla.

Beginning in and around 2013, these companies began making loans to Pennsylvania residents secured by motor vehicles titled and registered in Pennsylvania. The annual percentage rates on the loans given to more than 160 Pennsylvania residents amounted to over 200 percent, far exceeding the legally allowable rate of six percent under Pennsylvania's Loan Interest and Protection Law.

The companies represent that they operate from offices in Las Vegas, Nev., Boca Raton, Fla., and the Cook Islands. None of these companies, nor the individuals controlling or employed by the companies, is licensed to offer loans to consumers by the Department of Banking and Securities, as required by Pennsylvania's Consumer Discount Company Law or the Pawnbrokers License Act.

The Cease and Desist Order can be found under "Public Info" on the department's website: www.dobs.pa.gov.

Consumers who feel that they have been financially harmed in their dealings with these companies can file a complaint with the Department of Banking and Securities online (www.dobs.pa.gov) or by calling 1-800-PA-BANKS (800-722-2657).

Media contact: Ed Novak, 717-783-4721

SOURCE Pennsylvania Department of Banking

Related Links

http://www.state.pa.us