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Ohio Attorney General Mike DeWine
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Defendant marketed a loan modification/loss mitigation program to Ohio consumers to make their mortgage payments more affordable and to prevent consumers from losing their homes in foreclosure. Consumers contacted Defendant by telephone after seeing their website. The Court found that a supplier violates the TSSA and the CSPA by: 1) engaging in telephone solicitations without obtaining a certificate of registration from the Attorney General's office;2) engaging in telephone solicitations while making misrepresentations, including misrepresenting a material aspect of the nature or terms of its cancellation or refund policy; and 3) making false or misleading statements, including that it can get consumers out of foreclosure, get consumers into new loans with lower interest, can get consumers' loans reduced, or get consumers into loan modifications with fixed rates, in order to induce consumers to pay for goods or services. A supplier violates 1345.02 of the CSPA by making false and misleading statements. A Supplier commits unconscionable acts in violation of the CSPA by knowingly taking advantage of the inability of consumers to receive a substantial benefit from the subject of the consumer transaction; by entering into consumer transactions on terms the supplier knows are substantially one-sided in favor of the supplier; and by making misleading statements of opinion upon which consumers relied to their detriment. A supplier that holds out that it can effect the adjustment, compromise, or discharge of any account, note, or other indebtedness and charges a fee in excess of $75.00 for the initial set-up of its services, violates the Debt Adjuster Act and the CSPA. Defendant ordered to make payment to consumers who file claims with the receivership pending in the Southern District of Florida in accordance with any order by that court. Defendant ordered to pay a civil penalty of $150,000.
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| © 2009 Ohio Attorney General Richard Cordray