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Showing 51 - 60 of Total Results (202)
	Back to Basics, Continued — The Least Sophisticated Consumer Standard; the Reasonable Consumer March 30, 2022 United States: In Consumer Financial Protection law, there is sometimes a reference by regulators and courts to the “least sophisticated consumer.” This creates a standard that may be adopted in applying the meaning of laws and regulations in consumer financial services transactions.
	Back to Basics, Continued — Alabama’s new Closing Fee law for small loans awaits the Governor’s signature March 23, 2022 United States: The Alabama Small Loan Act has been amended to add a closing fee under paragraph (m) of Section 5-18-15. This is the paragraph of the Small Loan Act known as the “alternative rate” provision.
	Back to Basics, Continued — Steps to Making Loans Electronically March 16, 2022 United States: I have written several times about doing business remotely. See Electronic Commerce and Doing Business Remotely!, Do you have your electronic signature solution in place? and From Touch to Text, or Conducting Business Electronically.
	Back to Basics, Continued — Repossessions March 9, 2022 United States: A fundamental tool in the creditor’s collection arsenal is “self-help” repossession pursuant to Article 9 of the Uniform Commercial Code. The Uniform Commercial Code is a body of commercial law that is not federal but has been adopted in every state in the United States and has remained largely the same in every jurisdiction. Hence the name “uniform.”
	Back to Basics, Can a Consumer Account be reported by a Credit Reporting Agency as both “paid-out” and “delinquent” at the same time? March 2, 2022 United States: Lawyers for consumers have sued credit reporting agencies (a/k/a credit bureaus) arguing that it is a violation of the Fair Credit Reporting Act (FCRA) for credit bureaus to report accounts as both “paid-out” and “past-due.” But, can’t that be true? The answer depends upon one’s view of a credit report.
	BACK TO BASICS, Continued—So What is the Difference Between Taking Assignment of an Installment Sales Contract as Opposed to a Rent-to-Own Contract??? February 23, 2022 United States: Many sellers of consumer goods are transitioning to the “rent-to-own” model. Under this type of transaction, the consumer is not obligated to continue to rent the consumer goods beyond an initial short-term period such as three months. There is no stated “finance charge.
	BACK TO BASICS, Continued—Junk Fees, Really??? February 16, 2022 United States: Ancillary products include credit property insurance, credit life, disability and unemployment insurance, and motor club.  Too often, these products are attacked as being unnecessary and written more to increase the bottom line for creditors than to provide assistance for consumers.  But, life has a way of proving the value of ancillary products.  I want to relate two stories.
	Back to Basics, Continued—Junk Fees or the Cost of Valuable Ancillary Products? February 9, 2022 United States: When I first started writing this blog, I challenged readers to respond to a series of 13 described fees or charges—as to whether such were finance charge. See Dentons - Back to Basics, Continued—What Do You Mean That Fee Is a Finance Charge?!? The fees that are not finance charges are voluntary and generally involve the addition of a valuable product or service to the credit transaction.
	BACK TO BASICS, Continued—Must One Be 19 Years-Old to enter into Legal Contracts in Alabama? The Devil Is in the Detail! February 2, 2022 United States: For as long as I can remember, the “age of majority” in Alabama has been 19.  That’s what the statute still says, so that’s what I’ve told people who ask.  But, is this correct?  Well, yes and no.
	Back to Basics, Continued—Why Is the SBA Denying Finance Companies’ “Eligibility” for PPP Loans? January 26, 2022 United States: For the past several months, we have been seeing consumer finance companies turned down for forgiveness of their PPP Loans based upon the determination of ineligibility for such loans under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
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