Le Lézard
Classified in: Business
Subjects: LAW, STP

'Pension Advance' Company to Offer Pennsylvania Consumers Restitution


HARRISBURG, Pa., March 3, 2018 /PRNewswire-USNewswire/ -- Today, the Pennsylvania Department of Banking and Securities reported that it has reached an agreement with Future Income Payments, LLC of Irvine, Ca. ("FIP," f/k/a Pensions, Annuities and Settlements, LLC) and its owner Scott A. Kohn to provide restitution and other relief to more than 300 Pennsylvania residents who took out loans offered unlawfully by FIP.

Previously, the department had ordered FIP to cease and desist from conducting business in Pennsylvania as an unlicensed consumer lender in violation of the commonwealth's Consumer Discount Company Act and Loan Interest Protection Law.

Among the terms of the agreement, FIP will:

"The Wolf Administration is pleased that we could secure the rights of these Pennsylvanians who were enticed into an unlawful scheme," said Secretary of Banking and Securities Robin L. Wiessmann. "We are also grateful to our colleagues at the Pennsylvania State Employees' Retirement System and the Pennsylvania Public School Employee's Retirement System, who provided technical assistance to our legal staff. This outcome demonstrates the benefit when state agencies can marshal their resources and work together to protect consumers."

The Consent Agreement and Order can be found online [PDF]: www.dobs.pa.gov/Documents/Enforcement%20Orders/2018/050218_FutureIncomePayments.pdf

The department's May 2017 order against FIP, which includes consumer complaint information, can be found online [PDF]: www.dobs.pa.gov/Documents/Enforcement%20Orders/2017/051917_FIPfkaPAS.pdf 

Consumers who believe they may have been unlawfully charged interest or fees by FIP and who have not received restitution or been contacted by FIP can contact the department's Consumer Services Office at 1-800-PA-BANKS or file a complaint online: www.dobs.pa.gov/Consumers/Pages/File-a-Complaint.aspx

MEDIA CONTACT: Ed Novak, 717-783-4721

SOURCE Pennsylvania Department of Banking and Securities


These press releases may also interest you

at 14:47
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Innoviz Technologies Ltd. between April 21, 2021 and February 28, 2023, both dates inclusive (the "Class Period"), of the important May 14, 2024 lead...

at 14:30
Transaction in Own Shares 28 March, 2024 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Shell plc (the ?Company') announces that on 28 March 2024 it purchased the following number of Shares for cancellation. Aggregated information on Shares purchased according...

at 14:30
Southwest Airlines Co.  announces the acquisition of SAFFiRE Renewables, LLC (SAFFiRE) as part of the investment portfolio of its wholly owned subsidiary Southwest Airlines Renewable Ventures, LLC (SARV). SARV is dedicated to creating more...

at 14:28
Nuventive, the data-informed improvement companytm, today announced a partnership with D2L, a global learning technology company, to simplify student outcomes analysis and advancement. By linking reports from the D2L Brightspace learning management...

at 14:25
Regulatory News: POXEL SA (Euronext: POXEL - FR0012432516), a clinical stage biopharmaceutical company developing innovative treatments for chronic serious diseases with metabolic pathophysiology, including non-alcoholic steatohepatitis (NASH) and...

at 14:20
Koryx Copper Inc. ("Koryx" or the "Company") announces that the Company has closed a non-brokered private placement (the "Offering") for a total gross proceed of $1,505,250. The Offering closed 23,157,692 units of the Company (each, a "Unit") at...



News published on and distributed by: