[Federal Register Volume 62, Number 127 (Wednesday, July 2, 1997)]
[Notices]
[Page 35819]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-17361]
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FEDERAL TRADE COMMISSION
[Dkt. C-3735]
The Money Tree, Inc., 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 requires, among other things, the
Georgia company and its officer to offer customers the chance to cancel
the credit-life, credit-disability, or accidental death and
dismemberment insurance they purchased, and to obtain cash refunds or
credit which could amount to as much as $1.2 million. The consent order
prohibits the respondents from requiring consumers to sign statements
that such purchases are voluntary, if they are required to obtain the
loan; from referring to credit-related insurance or auto club
membership without telling consumers their loan applications have been
approved and the amount of the approved loans; and requires the
respondents to disclose to consumers that such coverage is optional and
to have those consumers sign a form acknowledging that fact and the
amount the extras will cost if they choose to purchase them. The
consent order also prohibits violations of the Fair Credit Reporting
Act provisions regarding disclosures to consumers when their credit
reports influence the denial of credit.
DATES: Complaint and Order issued April 28, 1997.\1\
\1\ Copies of the Complaint and the Decision and Order are
available from the Commission's Public Reference Branch, H-130, 6th
Street & Pennsylvania Avenue, N.W., Washington, D.C. 20580.
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FOR FURTHER INFORMATION CONTACT: Thomas Kane or Rolando Berrelez, FTC/
S-4429, Washington, D.C. 20580. (202) 326-3224.
SUPPLEMENTARY INFORMATION: On Tuesday, February 18, 1997, there was
published in the Federal Register, 62 FR 7232, a proposed consent
agreement with analysis In the Matter of The Money Tree, Inc., 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. Interpret or apply sec. 5, 38
Stat. 719, as amended; 82 Stat. 146, 147; 84 Stat. 1128-36; 15
U.S.C. 45, 1601, et seq., 1681-1681(f))
Benjamin I. Berman,
Acting Secretary.
[FR Doc. 97-17361 Filed 7-1-97; 8:45 am]
BILLING CODE 6750-01-M
