BALTIMORE, MD—Maryland Attorney General Anthony G. Brown announced a settlement with a New York-based company, Probate Advance, LLC, that will provide nearly $2.7 million in restitution to Maryland residents. The settlement follows an investigation by the Attorney General’s Consumer Protection Division, which alleged the company engaged in predatory lending practices by targeting grieving families.
Probate Advance, LLC provides cash advances to individuals who believe they are heirs to an estate. In exchange for the advance, consumers are required to sign over all or part of their future inheritance to the company once the estate is settled.
“Probate Advance exploited grieving families with recently deceased loved ones,” Attorney General Brown said. “This settlement demonstrates our commitment to protecting Marylanders from predatory lending practices during their most vulnerable moments.”
The Attorney General’s office alleged that Probate Advance violated the Maryland Consumer Protection Act and state lending laws.
In addition to the restitution for consumers, Probate Advance has agreed to pay the Consumer Protection Division $275,000. As part of the settlement, the company is also prohibited from advertising, marketing, or offering cash advances to Maryland residents or in connection with any estate administered in the state.
Consumers who have questions about the settlement can contact the Attorney General’s office at 410-576-6957.
Photo by Sora Shimazaki from Pexels
