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Loan provider hit with $700,000 for improper supervision
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Case Law, Consumer Protection
Tuesday, August 25, 2015
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The Consumer Financial Protection Bureau found that Springstone Financial, LLC violated the Dodd-Frank Act’s prohibition against “unfair, deceptive or abusive acts or practices” (UDAAP) for not properly training and monitoring dental-service providers that offered its loan products to patients. Consumers were not properly informed about the interest rate terms on certain deferred-interest loan products.
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