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Besides Tucker, the Advance payday loan waipahu is also suing business leaders from the Miami and Modoc tribes of Oklahoma and the Santee Sioux tribe of Nebraska who claim to own and manage the business as well as the tribal companies involved.
Among the other companies named in the lawsuit is Tuckers racing team, Level 5 Motorsports, and even a limited partnership Tucker used to buy his home in Aspen. Neither Tucker nor attorneys from the tribes responded to a request for comment. The FTC accuses the company of deceiving borrowers about how much theyd have to pay back.
On advance payday loan waipahu typical 300 loan, borrowers were told theyd have to pay only 90 in interest. But the FTC alleges that the lender would automatically renew the loan every two weeks, so that the borrower would in reality have to pay 975 on the loan.
The FTC alleges the company also deceived borrowers who were late on payments by falsely threatening to sue them or even to have them arrested. And the lawsuit alleges that borrowers were required to sign over electronic access to their checking accounts, which under federal law cannot be a condition of a loan.
This provision allows defendants to prey on vulnerable consumers by making automatic withdrawals from their bank accounts, the lawsuit alleges.