On August 21, 2019, Minnesota Attorney General Keith Ellison (“Minnesota AG”) announced a settlement with a Minnesota based lender that finances sales of door-to-door products, such as vacuum cleaners and air purifiers.
This settlement resolved allegations that the lender hid high interest rates from consumers, failed to provide complete financing agreements to consumers, and failed to give borrowers the right to cancel within three days in its contract terms, as required by Minnesota law. The settlement requires that the lender refund any interest paid by 400 Minnesota consumers, remove all interest from those consumers’ balances, and remove any negative items from credit reports of consumers with written-off or active accounts.
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