Mortgage Banker
The Money SourceHeadquarters
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Government Actions
The California Attorney General's Office v The Money Source Inc
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On September 1, 2023, The Money Source Inc entered into a Final Judgment and Permanent Injunction with the California Attorney General’s Office. The Final Judgment and Permanent Injunction settles allegations that the business failed to properly process, and timely grant, mortgage deferment requests made by California military reservists called to active duty. Under terms of the Final Judgment and Permanent Injunction the business was ordered to permanently enjoin and restrain from directly or indirectly, failing to comply with the California Military and Veterans Code, the California Military Families Financial Relief Act, the Coronavirus Aid Relief and Economic Security Act, the Rosenthal Fair Debt Collections Practices Act, the Fair Credit Reporting Act, and the California Consumer Credit Reporting Agencies Act, as well as engaging in false or deceptive advertising with misleading representations to borrowers about the business’ processing of requests for relief. Under the terms of the Final Judgment and Permanent Injunction the business was ordered to pay a civil penalty in the amount of $58,000. The Final Judgment and Permanent Injunction was for settlement purposes only and should not be considered as an admission of guilt or finding of violation of the law.
This action is final.
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