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Complaint Accuses Tax Loan Company Of Illegal Tax Refund Scheme

Mealey's (June 17, 2015, 10:11 AM EDT) -- ALBUQUERQUE, N.M. — The Consumer Financial Protection Bureau and the Navajo Nation on April 14 filed a complaint in a New Mexico federal court accusing the owners of tax franchises of charging excessively high annual percentage rates (APRs) on loans secured by consumers anticipated tax refunds and preying on low-income citizens of the Navajo Nation who needed immediate access to cash for personal, family or household needs (Consumer Financial Protection Bureau, et al. v. S/W Tax Loans Inc., et al., No. 15-299, D. N.M.).

(Complaint available....
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