AG Herring reaches settlement with Fredericksburg-area pawnbroker

Attorney General Mark Herring announced today that his office has reached a settlement with Spotsylvania Gold & Pawn Inc., a Fredericksburg-area pawnbroker, to provide nearly $37,000 in refunds to more than 1,400 consumers to resolve allegations that the company charged illegal interest and fees beyond those permitted by Virginia’s pawnbroker statutes and the Virginia Consumer Protection Act.

mark herring“Pawnbrokers across the Commonwealth are skirting laws and overcharging consumers, and I won’t stop going after those that take advantage of Virginians,” said Attorney General Herring. “I encourage Virginians who are considering using a pawn shop or other small dollar loan lender to closely review the terms and know their rights before signing anything that might result in even more hard-earned money coming out of their pockets.”

The settlement includes the following key terms:

  • Spotsylvania Pawn agrees to offer refunds totaling $36,916.60 to more than 1,400 borrowers representing the amounts those borrowers paid beyond what Virginia’s pawnbroker statutes allow, and will reimburse the Commonwealth for expenses, costs, and attorney’s fees.
  • A permanent injunction preventing Spotsylvania Pawn from violating the Virginia statutes applicable to pawnbrokers and the VCPA.
  • Individual consumers who received loans from Spotsylvania Pawn during the period from June 1, 2015 to March 31, 2016 and who have questions about the settlement may contact the company directly at (571) 572-0194.

The civil settlement is in the form of an Assurance of Voluntary Compliance filed for approval with the Spotsylvania County Circuit Court.

Attorney General Herring has brought actions against a number of Virginia pawnshops for charging illegal interest or making illegal auto title loans, and has partnered with the federal Consumer Financial Protection Bureau to enforce state and federal consumer finance statutes.

Attorney General Herring and his recently reorganized Consumer Protection Section have successfully brought enforcement actions against predatory lendersretailers exploiting veterans and military familiesfake charities, and anticompetitive mergers. During Attorney General Herring’s administration the OAG Consumer Protection Section has won approximately $147 million in consumer debt forgiveness, $24.8 million in restitution, and $32 million in civil penalties and attorneys’ fees, and transferred nearly $7 million to the Commonwealth’s General Fund.

augusta free press
augusta free press news

UVA Basketball Fans!

uva basketball team of destiny
Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, by Jerry Ratcliffe and Chris Graham, is available for $25. The book, with additional reporting by Zach Pereles, Scott Ratcliffe, and Scott German, will take you from the aftermath of the stunning first-round loss to UMBC in 2018 through to the thrilling overtime win over Texas Tech to win the 2019 national title, the first in school history.

Dick Vitale on Team of Destiny: “This is a hoops story you will LOVE! Jerry and Chris capture the sensational and dramatic championship journey by Tony Bennett and his tenacious Cavalier team. UVA was Awesome Baby and so is this book!”

Ralph Sampson on Team of Destiny: “Jerry and Chris have lived and seen it all, even before my time. I highly recommend this book to every basketball fan across the globe. This story translates to all who know defeat and how to overcome it!”

Buy here.

AFP Business

As professional consultants, Augusta Free Press LLC provides clients in the Shenandoah Valley and Central Virginia and beyond with marketing and PR solutions including website design, SEO, TV/radio, video work, branding and logos, social media and overall marketing campaign design and implementation. Augusta Free Press LLC was founded in 2002.

Web Design

Augusta Free Press has designed more than 800 websites for clients in the Shenandoah Valley and Central Virginia. We take care of all facets of web design – visual design, layout design, content development and SEO. Short on staff? We’ll work with you to update your AFP-designed website in a timely manner or train your staff to make changes.

Marketing/Social Media Management

Augusta Free Press manages advertising campaigns for small- and medium-sized businesses across Virginia. You don’t need to hire a full-time marketing coordinator. Bring the experience of the Augusta Free Press team to work for you – for a fraction of the cost.

Graphic Design

Augusta Free Press will help you take your vision to the next level. From branding and logos to print materials, our team will work with you to develop products to showcase your business. From brochures and rack cards to full-color magazines or print/digital ads, we’ve got you covered.

Event Planning/Fundraising

Augusta Free Press will help you plan the best event for your organization. From an open house or anniversary to a 5K or Pay Per View, we can handle it all. Looking for training for your sales staff? We can help energize your employees or board. Need ideas to raise more money? Let us help you plan a successful event. Want to hold a news conference or need help with a press release? We can do that too.

Click here for more.