HARRISBURG, Pa., April 14, 2016 /PRNewswire-USNewswire/ -- The Department of Banking and Securities has issued a cease and desist order against Muya Pawns and International Market, Inc. of Pittsburgh, Pa. ("Muya"), for unlawfully conducting business as a pawnbroker in violation of the Pawnbroker License Act.
The department has ordered Muya to vacate all outstanding pawn loans and return all pledged collateral to affected customers on or before April 29, 2016. Consumers who entered into pawn loans with Muya since October 1, 2013, can have all interest and fees returned to them by Muya. Upon presentation of identification and documentation of ownership, affected consumers can also retrieve pledged collateral that secured their loans.
Additionally Muya has been ordered to remove the words "pawn" or "pawnbroker" from business signage. Muya cannot be issued a pawnbroker license for at least five years.
The department's order against Muya can be found online [PDF]: www.dobs.pa.gov/Documents/Enforcement%20Orders/2016/032316_MuyaPawnsandInternationalMarketInc.pdf
Consumers who believe they may have been unlawfully charged interest or fees by Muya can contact the department's Consumer Hotline (1-800-PA-BANKS; 1-800-722-2657) or file a complaint online: http://bit.ly/1ovkxgu
MEDIA CONTACT: Ed Novak, 717-783-4721
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SOURCE Pennsylvania Department of Banking and Securities