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FLEET FINANCIAL GROUP RESPONDS TO FAVORABLE GEORGIA SUPREME COURT RULING REGARDING CONSUMER FINANCE UNIT

 PROVIDENCE, R.I., June 14 /PRNewswire/ -- Fleet Financial Group (NYSE: FLT) today said it was extremely pleased with the decision rendered by the Supreme Court of the state of Georgia which clearly established that the company's Atlanta-based consumer finance unit, Fleet Finance, Inc., has complied with Georgia's interest rate guidelines.
 "We are very gratified with the court's ruling today," said Michael R. Zucchini, vice chairman of Fleet Financial Group, who has responsibilities for all of Fleet's consumer businesses, including Fleet Finance.
 Plaintiffs had alleged that all prepaid finance charges had to be applied in the first month of the loan under Georgia's usury law, a position contrary to prior decisions under Georgia law, lending practice, truth-in-lending and the laws of other states.
 "This decision clears the air over Fleet's alleged usury violations," said R. Harold Owens, president and chief operating officer of Fleet Finance. "As a responsible company, we have always stood ready to help customers concerned about their loans. Recently, we have announced various programs to address criticisms that have been leveled against the company and the consumer finance industry. We are committed to improving services to our customers and seek to set a standard in customer service for the rest of our industry to follow," Owens said.
 Recently, Fleet Finance announced, in conjunction with the National Consumers League, a consumer credit education program company-wide. At the same time, the company announced a new offering of interest rates among the lowest available on second mortgages by consumer finance companies.
 With $2.6 billion in assets owned and serviced, Fleet Finance is a major Georgia corporation with 32 offices in Georgia and more than 130 offices across the country serving 180,000 customers in 26 states. The 58-year-old company is based in Atlanta, and has 1,100 employees.
 Fleet Financial Group is a $45 billion diversified financial services company listed on the New York Stock Exchange with approximately 1,200 offices nationwide. Its lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, investment management and student loan processing.
 -0- 6/14/93
 /CONTACT: Robert W. Lougee Jr., vice president and director, Corporate Communications, 401-278-5879; Bruce P. Crooks, 401-278-6241; Thomas L. Lavelle (media), 401-278-3003; Stacy Stout (media), 404-392-2404, or Judith B. Ragge (investors), 401-278-6444, all of Fleet Financial/
 (FLT)


CO: Fleet Financial Group; Fleet Finance, Inc. ST: Georgia, Rhode Island IN: FIN SU:

BN-BR -- AT012 -- 1590 06/14/93 11:11 EST
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Publication:PR Newswire
Date:Jun 14, 1993
Words:406
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