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Consumer Law News
Governor Blagojevich Signs New Consumer Protection Law Banning Misleading Solicitations From Entities Posing as Savings Institutions
SPRINGFIELD – Governor Rod R. Blagojevich today signed a new law that will help protect Illinois consumers against misleading solicitations from organizations using the names of banks and savings and loans institutions. The law came in response to fraudulent schemes where homeowners received materials in the mail asking them to refinance their mortgage or open a life insurance policy. The companies sending the mailings use the name of the consumers’ bank, or a similar name, making consumers think their bank is actually sending them the advertisement. "It’s alarming that there are companies out there posing as other companies in order to get consumers to refinance their mortgages. That’s exploitive and it’s wrong. This new law is intended to put a stop to it," said Gov. Blagojevich.
The Illinois Department of Financial and Professional Regulation (IDFPR) will enforce the new law, imposing the same penalties they use for commercial banks. Initially, IDFPR will impose a cease and desist order on any organization violating the law. If the organization does not comply, IDPFR can impose fines of up to $10,000. The use of a savings and loan association’s name or a savings bank’s name in an unsolicited offer could lead consumers to assume that the new solicitation can be trusted. Marketing companies use these names when sending materials to consumers, which gives the impression that they were sent by the customer’s financial institution. In some cases, the solicitation could be fraudulent -- an effort to obtain confidential information from the consumer, and in other cases it can be an effort to convince a consumer to switch banks.
"This is really about consumer protection from a small number of businesses trying to push the limit," said Sen. Collins. "Many of these third-party businesses are taking advantage of consumers by attaching reputable names of other businesses to their own applications, leaving consumers oftentimes unaware of who the application actually came from. It will now be illegal for third-party businesses to attach the name of another business that is not affiliated with them." The legislation becomes effective immediately.
Definition:
Steer clear of “offshore investments.” These are often promoted as a way to avoid taxes. Actually, you are still liable for taxes, and the investments themselves are usually very risky
Residual Value
Definition:
The end-of-term value of the item established at the beginning of the lease and used in calculating your base monthly payment. The residual value is deducted from the adjusted capitalized cost to determine the depreciation and any amortized amounts. It is an estimate that may be determined in part by using residual value guidebooks. The residual value may be higher or lower than the realized value at the scheduled end of the lease.
Bogus Invoices
Definition:
Con artists send bogus invoices for what appear to be phone directory listings or for office supplies that were never ordered or delivered, hoping that no one will check before paying them.
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