The operators of a
Claiming to be affiliated with a network of 120 potential payday lenders, defendants
According to the complaint, the defendants used consumers' personal financial information it had collected through its websites to withdraw
"These defendants deceived consumers to get their sensitive financial data and used it to take their money," said
The proposed settlement bans the defendants from:
* marketing or providing any credit-related products or services, including loans, prepaid credit cards, debt-relief services, and credit repair services;
* collecting, selling, or buying consumers' personal and financial information, except in order to process a specifically authorized transaction; and
* processing transactions using remotely created checks or remotely created payment orders.
The settlement imposes a
Also under the settlement, the defendants are prohibited from misrepresenting the terms and conditions of any service or product they market, and from charging consumers for anything without their consent. The settlement also requires the defendants to dispose of customer information that they have already collected and not to use, disclose, or benefit from, and it.
For more consumer information on this topic, see Online Payday Loans.
In addition to Mulrooney and Ogaga, the complaint named
The Commission vote approving the proposed stipulated final order was 5-0. The FTC filed the order in the
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