Tennessee consumers eligible for refunds and loan forgiveness
Tennessee Attorney General Herbert H. Slatery III today announced a $3 million settlement with Festiva, a network of vacation and timeshare companies, for alleged violations of the federal Telemarking Act, federal Telemarketing Sales Rule, and the Tennessee Consumer Protection Act.
Under the terms of the settlement, Festiva has agreed to provide $1,250,000 in cash restitution and up to $1,000,000 in loan forgiveness for eligible Tennesseans, and make a $750,000 payment to the State of Tennessee. In addition, Festiva has agreed to specific guidelines prohibiting unfair, deceptive, or misleading acts or practices in connection with their telemarketing and face-to-face sales of vacation or timeshare products...go to the Festiva release.
Attorney General Announces Settlement with Global Credit Card Transaction Processor
On November 4, 2015, Attorney General Herbert H. Slatery III and the Tennessee Division of Consumer Affairs announced a settlement with Elavon, Inc., a global company specializing in products and services that enable retailers to process credit card transactions.
The State's settlement resolved allegations that Elavon and its subsidiary, Ladco Financial Group, LLC, violated the Tennessee Consumer Protection Act by misrepresenting: (1) the cancellation policy of its credit card processing equipment leases; (2) the duration of credit card processing equipment leases; and (3) the compatibility of credit card processing equipment...go to the Elavon release.
"We recognize the importance of this matter to the Ad Hoc Select Committee and to the full House. Everyone has one goal – to ensure a thorough and fair investigation while respecting the process and those involved." go to the release.
Thousands of Tennessee borrowers eligible for cash payments or loan modifications
Attorney General Herbert H. Slatery III today announced a $470 million joint state-federal settlement with mortgage lender and servicer HSBC to address mortgage origination, servicing, and foreclosure abuses.
The settlement with Tennessee and 48 other states, the District of Columbia, U.S. Department of Justice, the U.S. Department of Housing and Urban Development, and the Consumer Financial Protection Bureau, provides direct payments, loan modifications, as well as other relief for Tennessee borrowers. In addition, the settlement implements rigorous mortgage servicing standards and grants oversight authority to an independent monitor...go to the HSBC release.
Tennessee Attorney General Herbert H. Slatery III, along with the Tennessee Division of Consumer Affairs, informs consumers they may now file claims to recover the unused balance on RadioShack gift cards. Holders of gift cards purchased from the former retailer RadioShack are eligible to recoup 100% of the remaining balance on the cards.
The claims process is part of a settlement agreement previously approved in the U.S. Bankruptcy court in Wilmington, Delaware and supported by 24 states and the District of Columbia...go to the RadioShack release.
EDMC to forgive $102 million in student loans nationwide
Tennessee Attorney General Herbert H. Slatery III, along with the Tennessee Division of Consumer Affairs, today announced a settlement with Education Management Corporation (EDMC) that will lead to major reforms and student loan forgiveness. As part of the agreement, EDMC, a for-profit education company, is required to significantly reform its recruiting and enrollment practices, and forgive more than $2.1 million in loans for over 1,400 former Tennessee students.
EDMC, based in Pittsburgh, Pennsylvania, operates 110 schools in 32 states and Canada through four education systems, including Argosy University, The Art Institutes, Brown Mackie College and South University...go to the EDMC release.