Corporations Delivers $1.5 Million for Consumers; Routine Examinations Result in Significant Refunds.Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--June 19, 2001 The Davis Administration announced today that the Department of Corporations has compelled two consumer finance lenders to refund over $1.5 million to customers as a result of irregularities discovered in routine examinations. "The accountants and lawyers at the Department of Corporations are often the last line of defense for California consumers in the financial marketplace," said California Corporations Commissioner Demetrios A. Boutris. "I commend com·mend tr.v. com·mend·ed, com·mend·ing, com·mends 1. To represent as worthy, qualified, or desirable; recommend. 2. To express approval of; praise. See Synonyms at praise. 3. the good professionals in the Department's Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Division for their vigilance VIGILANCE. Proper attention in proper time. 2. The law requires a man who has a claim to enforce it in proper time, while the adverse party has it in his power to defend himself; and if by his neglect to do so, he cannot afterwards establish such claim, the on behalf of our state's credit consumers. Furthermore, both Beneficial California, Inc., and Household Finance Corporation of California deserve praise for their commitment to fully refund their customers by the end of the month." As a result of company-wide examinations performed on Beneficial and Household by the Department of Corporations, the Illinois-based companies were discovered to be committing violations including but not limited to excessive administrative fees, excessive late charges and improperly im·prop·er adj. 1. Not suited to circumstances or needs; unsuitable: improper shoes for a hike; improper medical treatment. 2. charging borrower prepayment penalties Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. . The Department expects that Beneficial and Household will refund approximately $1.1 million and $430,000, respectively, to consumers. The Department of Corporations is a licensing and regulatory agency regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. reporting to the Business, Transportation and Housing Agency and the Governor. The Department is responsible for the regulation of securities, franchises, off-exchange commodities, investment and financial services, independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, see our web site at www.corp.ca.gov. |
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