2021年01月14日

CFPB Takes Action Against Business Collection Agencies Firm EZCORP, Inc. and Problems In-Person Business Collection Agencies Compliance Bulletin We Blog Dodd-Frank

On December 16, 2015, the buyer Financial Protection Bureau (CFPB) announced an enforcement that is administrative against commercial collection agency company EZCORP, Inc. (EZCORP), for allegedly doing unlawful business collection agencies methods in breach for the Electronic Fund Transfer Act (EFTA) together with Dodd-Frank Wall Street Reform and customer Protection Act of 2010 (Dodd-Frank).

EZCORP and its particular associated entities, provided high-cost, short-term, short term loans, in 15 states from a lot more than 500 storefronts, underneath the tradenames “EZMONEY pay day loans,” “EZ Loan Services,” “EZ Payday Advance,” and “EZPAWN payday advances.” The CFPB alleges that EZCORP involved with unjust and debt that is deceptive methods in breach regarding the EFTA and Dodd-Frank. Especially, the CFPB alleges that EZCORP:

made in-person visits to customers’ domiciles and workplaces for the true purpose of gathering debts, which visits disclosed or risked disclosing to third-parties the presence of customers’ debts and caused or risked causing undesirable work effects to those customers; communicated with third-parties about customers’ debts, including calling customers’ credit sources, supervisors, and landlords; deceived customers using the risk of appropriate action, and even though EZCORP failed to refer customers’ reports to virtually any law practice or appropriate department; lied about perhaps not performing credit checks on loan requests, but regularly went credit checks on customers; required financial obligation payment by pre-authorized bank checking account withdrawals, and even though for legal reasons customer loans can’t be trained on pre-authorizing re payment through electronic fund transfers; lied to customers by saying they are able to maybe perhaps not stop electronic withdrawals or collection phone phone telephone calls or repay loans early. (さらに…)