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TitleMax was founded in 1998 and has about 1,150 stores in 17 states.
Scotts loan was interest-bearing. The relevant statute in the MLA defines an interest-bearing loan as a loan in which the debt is expressed as the principal amount and interest is computed, charged, and collected on unpaid principal balances outstanding from time to time. While precomputed loans are required by law to be repaid in monthly installments, the MLA statutes governing interest-bearing loans do not include a fast cash advance tpg installment mandate, Justice French wrote.
The General Assembly could вЂ¦ have included a separate provision in the MLA that specifically requires that interest-bearing loans be repayable in multiple installments, just as it did with precomputed loans by requiring monthly installments, she reasoned. [I]t did not do so. Reading the statute according to the natural and most obvious import of the statutory language, we conclude that R.