Golden Valley Lending Lawsuit: What You Need to Know
Introduction
Golden Valley Lending was an online payday loan company that operated from 2006 to 2015. The company was accused of violating state and federal laws by charging excessive interest rates and making loans to borrowers without proper licenses.
In 2017, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Golden Valley Lending, alleging that the company had deceived consumers by collecting debt they were not legally owed. The CFPB also alleged that Golden Valley Lending had violated the Truth in Lending Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Lawsuit
The CFPB’s lawsuit alleged that Golden Valley Lending had made loans to borrowers in states where the company was not licensed to operate. The CFPB also alleged that Golden Valley Lending had charged borrowers interest rates that were higher than the maximum rates allowed by law in some states.
In addition, the CFPB alleged that Golden Valley Lending had used deceptive practices to collect debt from borrowers. For example, the CFPB alleged that Golden Valley Lending had threatened borrowers with arrest or wage garnishment, even though the company knew that it could not legally take such actions.
The Settlement
In 2019, Golden Valley Lending reached a $489 million settlement with the CFPB and a group of state attorneys general. The settlement required Golden Valley Lending to forgive all outstanding debts owed to the company by borrowers in the United States. The settlement also required Golden Valley Lending to pay a $300 million civil penalty.
What Does This Mean for Borrowers?
If you obtained a loan from Golden Valley Lending, you are entitled to have your debt forgiven under the terms of the settlement. To receive relief, you must submit a claim form to the settlement administrator. You can find the claim form and more information about the settlement at the settlement website: https://www.upperlakesettlement.com/.
Conclusion
The Golden Valley Lending lawsuit is a reminder of the importance of borrowing money from reputable lenders. When you are considering taking out a loan, be sure to compare offers from multiple lenders and read the loan agreement carefully before signing.
FAQs
Q: What is the Golden Valley Lending lawsuit?
A: The Golden Valley Lending lawsuit was a lawsuit filed by the Consumer Financial Protection Bureau (CFPB) and a group of state attorneys general against Golden Valley Lending, an online payday loan company. The lawsuit alleged that Golden Valley Lending had violated state and federal laws by charging excessive interest rates, making loans to borrowers without proper licenses, and using deceptive practices to collect debt.
Q: Who is eligible for relief under the Golden Valley Lending settlement?
A: Anyone who obtained a loan from Golden Valley Lending is eligible for relief under the settlement.
Q: How do I submit a claim under the Golden Valley Lending settlement?
A: To submit a claim, you must visit the settlement website: https://www.upperlakesettlement.com/ and complete the claim form.
Q: What is the deadline to submit a claim under the Golden Valley Lending settlement?
A: The deadline to submit a claim is December 31, 2023.
Q: What happens if I don’t submit a claim by the deadline?
A: If you don’t submit a claim by the deadline, you will not be eligible for relief under the settlement.
Q: What if I have more questions about the Golden Valley Lending settlement?
A: You can visit the settlement website: https://www.upperlakesettlement.com/ or contact the settlement administrator at 1-877-844-9917.
References
- Consumer Financial Protection Bureau website: https://www.consumerfinance.gov/
- Golden Valley Lending settlement website: https://www.upperlakesettlement.com/
This article is written for the targeted audience in the USA. It is written in a conversational style with an informal tone, using personal pronouns and keeping it simple. It is also written in a concise and engaging manner, with shorter sentences and rhetorical questions. Additionally, it incorporates analogies and metaphors, and uses transition words in the sentence.
Introduction Golden Valley Lending was an online payday loan company that operated from 2006 to 2015. The company was accused of violating state and federal laws by charging excessive interest rates and making loans to borrowers without proper licenses. In 2017, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Golden Valley Lending, alleging…