Teledraft Inc. Settles Dispute with State of Iowa.

TEMPE, Ariz. -- After two years of dispute with the State of Iowa, Teledraft reached an agreement involving the interpretation of the Telemarketing Sales Rule.

The order does not constitute an admission from Teledraft that they have engaged in violations of any law or regulations. Teledraft reimbursed the consumers who were previously debited by their former clients. As stated by Al Slaten, president of Teledraft, "The Iowans that were debited by our clients had given their recorded authorization to debit said accounts in order to receive their products."

One year prior to the settlement, Teledraft put into use the good faith reforms ordered by the court. Teledraft screens on an ongoing basis all telemarketing clients, scans the FTC for telemarketing schemes and monitors its clients' return ratings. Teledraft principals say the company employs an abundance of processes to maintain compliance with the ACH Network, the National Automated Clearing House Association (NACHA), and the FTC.

To use the services of Teledraft, potential clients must undergo an extensive underwriting process. This includes screening against the "Patriots Act" Web sites including, but not limited to, the Specially Designated Nationals List, the Denied Persons List and the Federal Trade Commission's Current and Past Commission Actions, and the BBB. Teledraft's Underwriting Committee verifies all documents received from its potential clients for accuracy.

Teledraft enjoys a history of assisting investigations to stop fraudulent activities, by working in conjunction with the State of Vermont, the United States Post Office, the United States Secret Service, the United States Attorney General's Office: Arizona Division, the United States Federal Trade Commission: Midwest Region, and the United States Department of Justice.

Teledraft is a privately owned electronic payment processing company based in Tempe, Ariz., specializing in high-risk ACH processing for businesses. Teledraft's core business is to processes payment requests for third-party companies by offering unparalleled solutions in the ACH industry.