State Attorney Generals Apply Consumer Protection Laws
Throughout the past few years, numerous state attorney generals have had to respond to consumer complaints regarding a multiplicity of financial issues. According to Forbes, the New York attorney general's office examined over 2,200 credit-related and 1,700 mortgage-related complaints in 2013. That same year, North Carolina residents filed over 3,300 lending-related complaints at their attorney general’s office. This growing trend has caused state attorney generals to better enforce consumer protection laws, with the help of trusted consumer protection lawyers.
Consumer Protection Laws Are Being Enforced in Multiple Categories
Fortunately for students, senior citizens, and other residents, across the country state attorney generals are seeking to protect consumers from financial discrepancies. This protection is being aided by the diligent work of consumer protection attorneys across a multitude of areas, including:
- Debt-relief Services: In the past two years 23 states have brought criminal and civil enforcement actions against debt-relief services. These actions were due to the multitude of consumers who complained that debt-relief services were charging substantial advance fees while failing to reduce or, at the very least, modify their customers’ debt.
- Short-term Lending: Since 2013, 12 states have brought actions against both debt-collectors and short-term lenders. Online payday lending has become increasingly concerning, as lenders seek to offer and collect on illegal loans. In Arkansas, the online payday scam outbreak reached unprecedented heights when three online payday lenders were providing loans with 782% interest rates. Reports show that consumer protection attorneys are predicting that short-term lending enforcement will continue to expand so that consumers can become better protected.
- Specialized Demographics: Recent reports show that certain demographics are particularly susceptible to financial misrepresentation. To date, the New York attorney general is enforcing issues that disproportionately affect medical credit cards, reverse mortgages, and seniors. In addition, the Massachusetts attorney general has sued a for-profit university that encouraged students to purchase a private subprime loan program that was offering unaffordable loans.
Are you in need of a consumer protection attorney? Do you want to learn more about the recent enforcement of consumer protection laws? If so, contact a consumer protection lawyer with the Law Firm of Garcia & Artigliere. Members of the Garcia & Artigliere law firm can be reached via www.lawgarcia.com or by calling (800) 328-2630.