The Federal Trade Commission (вЂњFTCвЂќ) ended up being granted a significant triumph against payday lender AMG solutions, Inc. (вЂњAMGвЂќ) on March 7, 2014, as soon as the united states of america District Court for the District of Nevada ruled that the FTC has authority beneath the FTC Act to control Indian tribes and their associated businesses. Being a reminder to visitors with this weblog, an online payday loan is a tiny, short-term unsecured loan that usually carries along with it a tremendously high rate of interest. The defendants argued that the FTC lacked Constitutional and legal authority to apply the FTC Act to payday lenders associated with Indian tribes in Federal Trade Commission v. AMG Services, Inc., et al.
With its grievance, the FTC alleges that AMG, as well as other payday lenders who are actually connected with Indian tribes, violated the FTC Act regarding the their payday financing task. Specifically, the grievance alleges that the defendants represented to consumers that planned re payments through the customersвЂ™ bank reports could be withdrawn because of the defendants on particular times. Continue reading