HARRISBURG, Pa., May 24, 2016 /PRNewswire-USNewswire/ -- The Department of Banking and Securities has issued an order against Dean M. Lake and D&M Auto Sales of York, Pa. ("Lake"), for unlicensed activity, charging of excess fees totaling $113,198.65, failure to accurately represent consumer down payments, and alteration of signatures and amounts, in violation of the Consumer Credit Code.
The department has ordered Lake to refund 194 consumers the overcharges and pay a fine of $430,000. Further, Lake is prohibited from engaging in the business of auto installment sales in Pennsylvania for a minimum of five years.
The department's order against Lake can be found online [PDF]: http://bit.ly/1OTV3VZ
Consumers who believe they may have been unlawfully charged interest or fees by Lake 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
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pennsylvania-banking-and-securities-department-orders-restitution-for-194-customers-of-dm-auto-sales-300274024.html
SOURCE Pennsylvania Department of Banking and Securities