Maryland Attorney General Anthony Brown announced a settlement that requires Probate Advance, LLC, to pay roughly $2.7 million in reparations and discontinue distributing inheritance-based cash loans in Maryland after allegations that the company violated consumer protection and lending regulations.
According to a news statement issued on Wednesday, August 8: “Attorney General Anthony G. Brown announced today that his Consumer Protection Division has reached an agreement with Probate Advance, LLC, a New York-based corporation. Probate Advance, LLC, offers cash loans to those who have an unsubstantiated claim to be an estate heir. In exchange, these consumers must agree to give the corporation all or part of their future inheritance when the estate is resolved and dispersed. According to the Division, Probate Advance violated Maryland’s Consumer Protection Act and lending laws.
“Probate Advance exploited grieving families with recently deceased loved ones,” said Attorney General Brown. “This settlement demonstrates our commitment to protecting Marylanders from predatory lending practices during their most vulnerable moments.”
The Probate Advance, LLC judgment mandates the corporation to pay roughly $2.7 million in damages to Maryland residents. Probate Advance, LLC, has also agreed to pay $275,000 to the Attorney General’s Consumer Protection Division.
Probate Advance, LLC, has agreed to stop advertising, marketing, offering, or giving cash advances to Maryland citizens or consumers associated with a Maryland estate. Consumers who have questions about the Attorney General’s settlement with Probate Advance, LLC, can call 410-576-6957.
