Acima Digital LLC violated a New York interest rate cap and offered rent-to-own financing on products that weren’t eligible for the offering, among other violations of state law, New York Attorney General Letitia James (D) said.
Acima issued more than 150,000 leases to New Yorkers from 2015 to 2021 that should’ve been classified as loans under state law, the attorney general alleged in a lawsuit filed Wednesday in the New York Supreme Court for New York County. Acima—a digital-only rent-to-own platform that partners with retailers—is a subsidiary of Upbound Group Inc., which also owns Rent-a-Center.
The loans carried interest rates ...
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