[Federal Register Volume 63, Number 16 (Monday, January 26, 1998)]
[Notices]
[Page 3746]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-1798]
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FEDERAL TRADE COMMISSION
[Dkt. C-3724]
Progressive Mortgage Corp., et al.; Prohibited Trade Practices,
and Affirmative Corrective Actions
AGENCY: Federal Trade Commission.
ACTION: Consent order.
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SUMMARY: In settlement of alleged violations of federal law prohibiting
unfair or deceptive acts or practices and unfair methods of
competition, this consent order prohibits, among other things, the
Ohio-based mortgage corporation and its president from misrepresenting
any terms or conditions of financing, such as, the annual percentage
rate and finance charges of consumer loans; the number, amount and
timing of mortgage payments; and the total number of payments to repay
consumer loans.
DATES: Complaint and Order issued March 10, 1997.\1\
\1\ Copies of the Complaint and the Decision and Order are
available from the Commission's Public Reference Branch, H-130, 600
Pennsylvania Avenue, NW., Washington, DC 20580.
FOR FURTHER INFORMATION CONTACT: John Mendenhall, FTC Cleveland
Regional Office, Eaton Center, Suite 200, 1111 Superior Ave.,
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Cleveland, Ohio 44114. (216) 522-4210.
SUPPLEMENTARY INFORMATION: On Tuesday, December 10, 1996, there was
published in the Federal Register, 61 FR 65061, a proposed consent
agreement with analysis In the Matter of Progressive Mortgage
Corporation, et al., for the purpose of soliciting public comment.
Interested parties were given sixty (60) days in which to submit
comments, suggestions or objections regarding the proposed form of the
order.
No comments having been received, the Commission has ordered the
issuance of the complaint in the form contemplated by the agreement,
made its jurisdictional findings and entered an order to cease and
desist, as set forth in the proposed consent agreement, in disposition
of this proceeding.
(Sec. 6, 38 Stat. 721; 15 U.S.C. 46. Interprets or applies sec. 5,
38 Stat. 719, as amended; 15 U.S.C. 45)
Donald S. Clark,
Secretary.
[FR Doc. 98-1798 Filed 1-23-98; 8:45 am]
BILLING CODE 6750-01-M
