Push To Find Consumers Owed $7.5 Million By Money Mart, Loan Mart Enters Final 60-Days

Push To Find Consumers Owed $7.5 Million By Money Mart, Loan Mart Enters Final 60-Days

Push To Find Consumers Owed $7.5 Million By Money Mart, Loan Mart Enters Final 60-Days

Restitution To Borrowers Victimized By Fraudulent Lending Practices

Consumers who received payday advances in the past few years through Money Mart (also called Loan Mart) could be eligible for restitution as part of San Francisco’s statewide push to find consumers who may have been the victim of predatory lending schemes in the past few years.

Consumers may be eligible for restitution from Money Mart and Loan Mart in amounts ranging from between $20 to $1,800, and they have 60 days remaining in which to claim the funds.

The restitution outreach program comes directly from the terms of an agreement from City Attorney Dennis Herrera’s office as they negotiated to settle a 2007 consumer protection lawsuit against payday lenders Money Mart and Loan Mart and an affiliated out-of-state bank for unfair and fraudulent business practices.  The alleged wrongdoing stemmed from the lenders’ marketing of short-term installment loans and oversized payday loans, usually targeted to low-income borrowers, at exorbitant and illegal interest rates.

Consumers Must Apply Before October 1, 2012

California consumers who obtained short-term installment loans from Money Mart and Loan Mart from 2005 through 2007, and oversized payday loans from Money Mart and Loan Mart in 2005, may be eligible for restitution of most of interest, fees and finance charges they paid.  Claimants must apply in advance of the Oct. 1, 2012 deadline.

All potential claimants statewide can learn more:

• By visiting http://www.sfcityattorney.org, to complete a claim form.
• By calling the City Attorney’s Money Mart Settlement Hotline at (866) 497-5497
• By emailing further inquiries to: MoneyMartSettlement@sfgov.org

Push To Find Consumers Owed $7.5 Million By Money Mart, Loan Mart Enters Final 60-Days

Push To Find Consumers Owed $7.5 Million By Money Mart, Loan Mart Enters Final 60-Days

Push To Find Consumers Owed $7.5 Million By Money Mart, Loan Mart Enters Final 60-Days

Push To Find Consumers Owed $7.5 Million By Money Mart, Loan Mart Enters Final 60-Days

Push To Find Consumers Owed $7.5 Million By Money Mart, Loan Mart Enters Final 60-Days

Push To Find Consumers Owed $7.5 Million By Money Mart, Loan Mart Enters Final 60-Days

Push To Find Consumers Owed $7.5 Million By Money Mart, Loan Mart Enters Final 60-Days

Push To Find Consumers Owed $7.5 Million By Money Mart, Loan Mart Enters Final 60-Days

Push To Find Consumers Owed $7.5 Million By Money Mart, Loan Mart Enters Final 60-Days

Push To Find Consumers Owed $7.5 Million By Money Mart, Loan Mart Enters Final 60-Days

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