Colony Ridge Development, LLC; Colony Ridge BV, LLC; Colony Ridge Land, LLC; and Loan Originator Services, LLC
On December 20, 2023, the Bureau, together with the United States Department of Justice (DOJ), filed a complaint against land development companies Colony Ridge Development, LLC and Colony Ridge BV, LLC, affiliate mortgage company Colony Ridge Land, LLC (collectively, the Colony Ridge defendants), and loan origination company Loan Originator Services, LLC. The Bureau and DOJ allege that defendants violated the Equal Credit Opportunity Act (ECOA) by targeting consumers of Hispanic origin with a predatory loan product. The Bureau separately alleges that the Colony Ridge defendants violated the Consumer Financial Protection Act of 2010 (CFPA) by making deceptive representations to consumers; that Colony Ridge Development and Colony Ridge BV violated the Interstate Land Sales Full Disclosure Act (ILSA) by making untrue statements, omitting material facts, failing to provide required accurate translations, and failing to report and disclose required information; and that defendants violated the CFPA by virtue of their violations of ECOA and ILSA, respectively. DOJ further alleges defendants’ conduct violated the Fair Housing Act. The joint complaint seeks, among other things, injunctions against defendants to prevent future violations of Federal consumer financial laws, redress to consumers, damages, and the imposition of civil money penalties.
Related documents
Press release
Prepared Remarks of CFPB Director Rohit Chopra at the Press Event for Colony Ridge