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  1. #76
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    Online Payday Lending Companies To Pay $21 Million To Settle Deception Charges, Must Waive $285M In Loans


    The FTC announced that AMG Services, Inc. and MNE Services, Inc. will pay $21 million and waive another $285 million in charges that were assessed but yet not collected in order to settle accusations they violated the law by charging consumers undisclosed and inflated fees.

    According to the FTC complaint [PDF], the defendants violated the FTC Act by misrepresenting to consumers how much loans would cost them.

    For example, the defendants’ contract stated that a $300 loan would cost $390 to repay, but the companies actually charged consumes $975 to repay the loan.


    The FTC also accuses the companies of violating the Truth in Lending Act by failing to accurately disclose the annual percentage rate and other loan terms. The complaint claims the companies violated the Electronic Funds Transfer Act by making unauthorized debits from consumers’ bank account a condition of the loans.


    In addition to the fine and waived fees, the settlement includes broad prohibitions barring the defendants from misrepresenting the terms of any loan product, including the loan’s payment schedule, the total amount the consumer will owe, the interest rate, annual percentage rates or finance charges, and any other material facts.


    http://consumerist.com/2015/01/16/on...285m-in-loans/


    Last edited by boutons_deux; 01-17-2015 at 08:00 AM.

  2. #77
    dangerous floater Winehole23's Avatar
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    I'm thrilled to see my old pal Vanita Gupta at the Civil Rights Division of the Justice Department targeting excessive fines and fees and debtors' prison policies. See New York Times coverage, a letter sent by DOJto chief justices and court administrators chastising them for using arrest warrants for collections, and here's more background from the DOJ. Noted the Times, "The issue has helped forge alliances between liberal civil rights groups and conservative organizations. Grover Norquist, the conservative activist, spoke last year at a White House summit meeting on poverty and incarceration. The Ins ute for Justice, a libertarian organization, has brought lawsuits accusing cities of using court fines to raise revenue."
    http://gritsforbreakfast.blogspot.co...ying-pigs.html

  3. #78
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    Could we please throw our politicians in prison for the $19 trillion debt?

  4. #79
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    Could we please throw our politicians in prison for the $19 trillion debt?
    "deficits don't matter" -- head (starting bogus wars and deepest tax cut for wealthy, including himself)

  5. #80
    絶対領域が大好きなんだよ baseline bum's Avatar
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    Could we please throw our politicians in prison for the $19 trillion debt?
    Too late, Reagan is already dead.

  6. #81
    Real Warrior Warlord23's Avatar
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    Could we please throw our politicians in prison for the $19 trillion debt?
    I'm probably wasting my breath but here goes nothing.

    Before you spout talking points about the national debt, please try and understand the debt-based monetary system that is used all over the world. In this system, the existence of money is mainly due to the existence of debt. That 19 trillion (along with a lot of corporate and private debt) is the reason there is money in your savings account or your 401k.

    This video does a good job of explaining how we got here. And neither Trump nor any of the other charlatans can eliminate this debt. The only thing they can try (which is what Obama has been reasonably good at) is to lower the annual deficit and slow the growth of debt relative to GDP. We are stuck with this system till we decide to do away with it.


  7. #82
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    "We are stuck with this system till we decide to do away with it."

    OUR decisions don't matter.

    The banks create/lend money with "fractional reserve" banking so essentially the USA, the planet are paying eternal interest to the banks, which own government.

  8. #83
    Veteran Wild Cobra's Avatar
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    Too late, Reagan is already dead.
    Idiot alert.

    Most of the debt that increased during Reagan's watch was because of double digit return rates on government bonds, cause by the prior administration.

  9. #84
    絶対領域が大好きなんだよ baseline bum's Avatar
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    Idiot alert.

    Most of the debt that increased during Reagan's watch was because of double digit return rates on government bonds, cause by the prior administration.
    The Republican Crusader swoops in with his revisionist history!

  10. #85
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    Idiot alert.

    Most of the debt that increased during Reagan's watch was because of double digit return rates on government bonds, cause by the prior administration.
    nope, 80s Repugs cut taxes and increased spending, switching from tax and spend, to borrow and spend (borrowing = selling bonds to the wealthy just as the VRWC/1% wanted)

  11. #86
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    Too late, Reagan is already dead.
    For a good part of the GOP, zombie Ronnie lives on though

  12. #87
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    For a good part of the GOP, zombie Ronnie lives on though
    no, "He's Dead, Jim"

    Repugs idolize, MYTHologize St Ronnie, just like the Repugs live in a world of bull myths and lies. St Ronnie was so far left of today's Repugs, Kock Bros would primary him.

  13. #88
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    It was supposed to be a joke.

  14. #89
    絶対領域が大好きなんだよ baseline bum's Avatar
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    no, "He's Dead, Jim"

    Repugs idolize, MYTHologize St Ronnie, just like the Repugs live in a world of bull myths and lies. St Ronnie was so far left of today's Repugs, Kock Bros would primary him.

  15. #90
    The Money Team DMX7's Avatar
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    Totally. They would have a near Trump-like panic attack.

  16. #91
    dangerous floater Winehole23's Avatar
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    The problem I see is that some of these people claim they received no notice that they were being sued by these debt collectors. If you're getting sued you should be notified and be able to challenge or defend yourself in court before any warrant is issued.

    If courts are issuing warrants before summons, then there's definitely a problem.
    Did you see this story? There's a judge in Kansas who lets debt collectors run his courtroom.

    When I asked ARSI about how attorneys decide to request warrants, Joshua Shea, who is general counsel, told me that they don’t. The judge can choose to issue one if court orders are not followed, he said. But Casement said the opposite, telling me that he gave the choice to the attorneys. “I’m not ordering a bench warrant. My decision is to give them that option,” Casement told me. “Whether they exercise it is up to them, but they have my blessing if that’s what they want to do.”
    https://features.propublica.org/medi...yville-kansas/

  17. #92
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    Did you see this story? There's a judge in Kansas who lets debt collectors run his courtroom.

    https://features.propublica.org/medi...yville-kansas/
    It's always these little towns running these scams... uneducated judge, co-opted by a lawyer... eventually somebody appeals to federal court and we end up with some semblance of justice.

    What's worse, it always affects the poor and needy the most.

    Thanks for sharing.

  18. #93
    dangerous floater Winehole23's Avatar
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    "private probation"


  19. #94
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