Massachusetts AG Settles With Online Loan Service For Alleged Debt Collection Abuse | Goodwin

0

On August 12, 2021, the Massachusetts Attorney General (AG) announcementa regulationwith an online loan service, resolving allegations that the company engaged in abusive debt collection practices in violation of the AG’s debt collection regulations.

After the AG’s office investigated the company, Massachusetts AG alleged that the company, which offers short-term installment loans, failed to provide validation notices to consumers who missed out. their payments. Under the AG’s debt collection regulations, consumers are entitled to receive certain documents that verify their debt, including credits, balances and charges on the debt.

Massachusetts AG also alleged that the company made excessive phone calls to debtors to collect debt by making more than two phone calls to a debtor in a seven-day period, in violation of debt collection regulations. receivables.

The company has now brought its practices into compliance with applicable regulations and, under the regulations, the company is required to continue to comply with them. The company will also pay the Commonwealth a $ 1.6 million fine.


Source link

Share.

Leave A Reply