Michigan Attorney General Bill Schuette is taking on a collection company for charging illegal interest rates. Schuette is requesting Liquidation LLC, which is a company based on a remote Pacific island, be banned from collecting on illegal title loans that charge triple-digit interest rates. A hearing is scheduled on Tuesday in Ingham County Circuit Court for a preliminary injunction against the company and eight related firms. The companies are accused of bilking 440 Michigan consumers by charging illegal interest rates of as high as 251%, then repossessing the borrowers cars when they couldn’t make their payments. The motion for the preliminary injunction was filed in Ingham County Circuit Court after two years of consumers’ complaints to the Attorney General’s office.
