Great expectations dating fraud
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Nevertheless, the complaint states, the franchisor continued to disseminate the contract to franchises and did not inform them about the errors either at that time or in late 1990, when the franchisor created and began disseminating a revised contract.The revised contract, on its face, also violated the TILA in that it did not identify the creditor and did not contain the proper information in the itemization of the amount financed, the FTC charged.
The Commission vote to announce these agreements for public comment was 5-0. NOTE: A consent agreement is for settlement purposes only and does not constitute an admission of a law violation.
Under 12 separate consent agreements to settle these charges, announced today for public comment before the Commission determines whether to make them final, all 24 respondents would be required to make all disclosures to consumers as required by the TILA when offering credit to their members.
The settlements also would require the respondents to establish adjustment pro- grams to compensate their past and current members who overpaid (Great Expectations--05/18/95) finance charges as a result of the challenged practices.
The APR depends on several factors including the amount financed, the finance charges, and the duration of the contract.
The TILA also requires creditors to provide each consumer with a separate, itemized disclosure of the amount financed.
In addition, Great Expectations Creative Management would be prohibited from providing franchises with retail installment contracts or other financial instruments that did not comply with the TILA, and from providing contracts with pre-printed APRs.
The franchisor also would be required to provide its franchises with the means for complying with TILA, including instructions for calculating the APR, finance charge or monthly payments, and a computer program that accurately calculate the disclosures required under the TILA.The complaint also charges that the franchises in Washington, D.C., Baltimore, Raleigh/Durham, Dallas, Houston, Phoenix, San Antonio, and Austin, which charged a set-up fee only to those customers who financed their memberships, failed to include the cost of the set-up fee in the finance charge and the APR, as required by the TILA.Further, Great Expectations Creative Management would be required to take reasonable steps to ensure franchises are complying with the TILA and to terminate, unless prohibited by state law, any franchise that it knows or should know is not complying with the TILA.Finally, the franchisor would have to send franchises a specifically-worded notice warning them to stop using prior contracts until the franchises verify that the contracts comply with the law, and cautioning them to have future TILA disclosure forms reviewed by their own attorneys.The FTC complaint also charges the individual franchises with violating numerous disclosure requirements of the TILA.