State officials announce a settlement with Snap Finance will provide relief to West Virginia consumers. (WCHS)
CHARLESTON, W.Va. (WCHS) —State officials outlined West Virginia’s involvement in a $664 million settlement with a finance service <a href="https://bitcomme.com/sawyer-company-inc-purchases-new-position-in-salesforce-inc-crm/” title=”Sawyer & Company Inc Purchases New Position in Salesforce Inc. $CRM”>company Wednesday.
An agreement has been reached with Snap Finance over alleged violations of consumer protection laws, according to a news release from Attorney General JB McCuskey’s Office.
The release said Snap will cancel $4.4 million in payments owed by West Virginians who entered lease-to-own agreements from 2017-2022. Those customers may own merchandise with no further payments.
In addition, officials said West Virginia will receive $150,000 which will be put toward consumer education and enforcement efforts.
According to the release, attorneys general from 17 states investigated misleading disclosures of leasing arrangements. Snap is accused of permitting customers from viewing the full terms of contracts while maintaining dubious collection practices and confusing return policies.
Snap has also agreed to address several practices including advertisement restrictions, servicing protections, credit rating disclosures, merchant trainings and compliance reporting.
Snap Finance SettlementPDF preview
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