WASHINGTON – The U.S. Federal Trade Commissioner, Rohit Chopra, has called for scrapping the use of a legal instrument called confession of judgment in small business lending contracts. Chopra urged the agency forum to be accountable for cleaning up this market. Use of such terms in small business loans contract since the last few years have led to several legal actions against small business borrowers.
The unregulated merchant cash-advance industry has got an edge over small business borrowers as it could not lose court dispute if someone agrees to legal terms such as confessions of judgment. Since 2012, small business borrowers have not managed to defeat cash-advance companies in over 25,000 judgments in the US. Under this, lenders have a right to legally seize borrowers’ bank accounts and other assets. A huge number of bad credit small business loans options are available which simply help business owners to arrange money in the case of emergency. Small business loans market has been witnessing growth at a huge rate. Many popular online sources such as capitalforbusiness.net have given many consumers an option to get a loan even if they have a bad credit.
Earlier, FTC had banned the use of confessions of judgment by using 1984 Credit Practices Rule. However, the rule was not applicable for small businesses. There are many reports of unfair marketing, sales, and collection practices in the small business finance market, so FTC has been taking action under the FTC Act to tackle such conduct. Chopra said that FTC is the only federal regulator in the non-bank small business financing market, so it has to keep an eye if any violation of law is there or not.
Katherine Fisher, who advocates for cash advance companies, said that FTC took the appropriate decision to ban confession of judgments as consumers don’t have much-needed protection due to limited options available. However, small businesses could easily resort to many other options, so there is no need to impose a ban on this case.
More People in Phoenix are Looking for Arizona Garage Door Guru Services Online
A lot of people in Phoenix have been consulting home garage door guru services for the repair work of garage doors. The availability of online services for the repairing of home garage doors has made it possible for people to avail of such services in an easy manner. The Phoenix-based garage door repair service, Arizona Garage Door Guru has been getting a lot of demand for its long list of garage door repair services.
In order to ensure the protection and security of vehicles, people in Phoenix have been consulting garage door services. With the passage of time, various components of the garage door get damaged and hence it stops operating in the right way. Arizona Garage Door Guru provides expert service for solving issues such as broken transmitters, misaligned photo eyes, misaligned track, door obstruction, and broken springs. In addition to this, the firm also offers services for issues such as mis-set limit settings, disconnect switch being accidentally enabled, manual locks, broken tension springs, and broken cables. The company is providing an excellent service to people and getting positive reviews which one can see by clicking here.
Experts at Arizona Garage Door Guru have experience working for a long period of time which helps this firm to provide an unrivaled service in the entire valley. The garage door repair service also provides a free new garage door replacement estimate. With over 20 years of experience in the garage door repair industry, the technicians in the local company have been providing excellent service in a friendly and courteous manner.
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