Maryland Attorney General Anthony Brown announced a settlement requiring Probate Advance, LLC to pay nearly $2.7 million in restitution and cease offering inheritance-based cash advances in Maryland, following allegations the company violated consumer protection and lending laws.
Per the news release distributed on Wednesday, August 8: “Attorney General Anthony G. Brown announced today that his Consumer Protection Division has entered into a settlement with Probate Advance, LLC, a New York-based company. Probate Advance, LLC provides cash advances to people who have an unverified claim as an heir to an estate. In exchange, these consumers must agree to sign over all or part of their future inheritance to the company when the estate is settled and distributed. The Division alleges that in doing so Probate Advance has 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.”…