Following claims that Probate Advance, LLC had broken lending and consumer protection regulations, Maryland Attorney General Anthony Brown announced a settlement forcing the company to stop providing inheritance-based cash loans in Maryland and pay over $2.7 million in damages.
According to the press release that was sent out on Wednesday, August 8: Today, Attorney General Anthony G. Brown announced a settlement between his Consumer Protection Division and the New York-based corporation Probate Advance, LLC. Cash advances are given by Probate Advance, LLC to those with an unsubstantiated claim to an estate. In return, these customers have to consent to giving the business all or a portion of their future inheritance upon the settlement and distribution of the estate. According to the Division, Probate Advance violated Maryland’s lending rules and the Consumer Protection Act in doing so.
Attorney General Brown claimed that Probate Advance took advantage of bereaved families who had recently lost a loved one. Our dedication to shielding Marylanders from predatory loan practices at their most vulnerable times is demonstrated by this settlement.
The business must reimburse Maryland residents for about $2.7 million as part of the settlement with Probate Advance, LLC. Additionally, Probate Advance, LLC has consented to pay $275,000 to the Attorney General’s Office’s Consumer Protection Division.
Probate Advance, LLC has consented to stop selling, advertising, offering, or giving cash advances to customers or Maryland residents in relation to an estate managed in Maryland as part of this settlement. Customers can contact 410-576-6957 with inquiries regarding the Attorney General’s settlement with Probate Advance, LLC.
