|By PR Newswire||
|December 27, 2012 01:30 PM EST||
SAN FRANCISCO, Dec. 27, 2012 /PRNewswire/ -- A three-month outreach effort aimed at identifying and educating Check 'n Go borrowers whose online installment loans at excessive interest rates may entitle them to significant repayments for interest, fees and finance charges launched today with a press announcement in San Francisco City Hall. The 90-day refund program, which will include events with consumer advocates and elected leaders throughout California, is among the terms of an agreement San Francisco City Attorney Dennis Herrera negotiated with the payday lender last June to settle litigation filed in 2007 by Herrera's Consumer Protection Unit.
San Francisco's civil action alleged that the Cincinnati-based Check 'n Go engaged in an illicit "rent-a-bank" scheme aimed at skirting California's maximum allowable annual interest rate of no more than 36 percent for that type of loan. According to records obtained before and during the course of the litigation, Check 'n Go made online installment loans to California consumers with interest rates as high as 400 percent—far in excess of what state law allows—as late as June 2008.
Though Check 'n Go acknowledged no wrongdoing in agreeing to the settlement, the company agreed to commit $4.3 million toward restitution to borrowers who obtained online loans between Nov. 2006 and June 2008. Refunds expected to range from $20 to more than $4,600 for each eligible claimant.
"The strongest statement we can make against predatory lending in California is to maximize restitution for every borrower who deserves it," said Herrera. "That's why this outreach push for eligible Check 'n Go borrowers is so important, and it's why we intend to work so hard with community partners and elected leaders throughout California to make it a success. Under our settlement agreement, Check 'n Go has committed $4.3 million for refunds for eligible borrowers—but they need only make a 'reasonable effort' to notify their borrowers. We know from experience that it often takes an extra effort to locate and fully educate eligible borrowers who may have moved, or who may reasonably ignore arcane legal notices from an unknown claims administrator. We intend to work tirelessly over the next three months to get the word out to consumers about their rights, and to identify as many potential claimants as possible. We hope this outreach effort for Check 'n Go borrowers matches the success we saw with Money Mart/Loan Mart earlier this year. Together, they should send a strong message to financial institutions about the need to adhere to lawful lending practices in California."
A prior three-month outreach drive earlier this year targeting Money Mart and Loan Mart borrowers partnered with elected officials, consumer advocacy groups, community, faith and labor organizations statewide netted more than $5.5 million that is currently in the process of being paid to more than 8,100 eligible claimants. The average restitution payment obtained in the Money Mart/Loan Mart efforts was nearly $700.
Both the Check 'n Go and Money Mart/Loan Mart efforts arose out of litigation that Herrera's Consumer Protection Unit filed on April 26, 2007. That civil action named the payday lenders and an associated out-of-state bank for unlawful, unfair and fraudulent business practices stemming from short-term installment loans (typically marketed to low-income borrowers) at unlawful interest rates. In addition to Check 'n Go and Money Mart/Loan Mart, the original lawsuit named Wilmington, Del.-based First Bank of Delaware as a defendant for aiding and abetting the predatory lending schemes. Herrera's complaint alleged that Check 'n Go offered installment loans of up to $1,500, with annual percentage rates exceeding 300 percent, through a questionable arrangement with First Bank of Delaware, in a deliberate effort to circumvent California's interest rate and loan principal limits.
Check 'n Go claimants may be qualified for restitution if they obtained a four-month installment loan online between Nov. 2006 and June 2008 through the websites: checkngo.com, ilp.fbdel.com, and commandloans.com. To be eligible for repayment, borrowers must mail a claim form and a copy of the required form of identification to the settlement administrator, postmarked by March 28, 2013.
Herrera is urging potential claimants who think they may be qualified for restitution to visit, email or call for more information:
The litigation involving the Check 'n Go loan settlement is: People of the State of California ex rel. Dennis Herrera v. Check N' Go of California, Inc., et al. (San Francisco Superior Court Case No. CGC-07-462779).
SOURCE City Attorney Dennis Herrera
@ThingsExpo has been named the ‘Top WebRTC Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @ThingsExpo ranked as the number one ‘WebRTC Influencer' followed by @DevOpsSummit at 55th.
Jan. 19, 2017 06:00 AM EST Reads: 4,750
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
Jan. 19, 2017 06:00 AM EST Reads: 791
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
Jan. 19, 2017 06:00 AM EST Reads: 1,583
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Jan. 19, 2017 05:45 AM EST Reads: 3,687
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
Jan. 19, 2017 05:30 AM EST Reads: 1,889
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
Jan. 19, 2017 05:30 AM EST Reads: 4,164
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
Jan. 19, 2017 05:15 AM EST Reads: 5,030
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
Jan. 19, 2017 04:15 AM EST Reads: 3,448
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Jan. 19, 2017 04:00 AM EST Reads: 5,357
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
Jan. 19, 2017 03:30 AM EST Reads: 401
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
Jan. 19, 2017 01:15 AM EST Reads: 7,808
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jan. 19, 2017 01:15 AM EST Reads: 6,101
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Jan. 19, 2017 01:00 AM EST Reads: 1,282
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 19, 2017 12:45 AM EST Reads: 4,702
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
Jan. 19, 2017 12:00 AM EST Reads: 4,178