Navitas to Pay $4MM in Settlement With California Financial Regulator
California's financial regulator and Navitas Credit Corp. reached a $4 million settlement resolving the agency's findings that the company lent in the state before obtaining a required license, the Department of Financial Protection and Innovation (DFPI) announced in a press release Monday. The agreement, set out in a consent order, also calls for Navitas to reimburse the department $78,000 in investigative costs and to refund borrowers who the agency says were charged interest above California's legal limits. Navitas entered the order to resolve the matter;...
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