Scott Tucker $1.3 Billion Payday Lending Judgment Upheld

Dec. 3, 2018, 6:46 PM

A professional race car driver-turned-payday lender baron will have to pay $1.3 billion to the Federal Trade Commission for deceptive lending practices, the U.S. Court of Appeals for the Ninth Circuit ruled Dec. 3.

Loan notes displayed to consumers on Scott Tucker’s payday lending websites didn’t accurately disclose the terms of the loans, the Ninth Circuit said. Some of the loans had triple-digit interest rates and up to ten different finance charges not adequately flagged in the loan documents consumers read, the court said.

The court rejected Tucker’s argument that the court wasn’t authorized to order monetary restitution and upheld ...

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