Close loophole for banks and insurers-HB 3615
* O U R * O R E G O N *, 08.02.2010 20:47
YES on HB 3615 -- Protection from predatory lending and unfair insurance practices
In Oregon, if you buy a car and drive away with a lemon you're protected.
If the appliance dealer sells you a refrigerator that never works you're protected.
But, if your bank sells you a deceptive loan forget it, there's no protection under the UTPA.
Join us in telling lawmakers we need better protections for all of us living on Main Street not Wall Street.
HB 3615 will finally close the gap by adding a few simple words "loans, extension of credit and insurance" to the definition of goods and services covered by the UTPA. That's it!
YES on HB 3615:
Protection from predatory lending and unfair insurance practices
It's time to hold banks and insurers accountable to individuals who have been harmed by deceptive and unscrupulous business practices. It's time for Oregon to close the consumer protection loophole for banks and insurers.
Two major industries - lenders and insurers - are exempt from Oregon's primary consumer protection statute, the Unlawful Trade Practices Act.
That's not fair to people like Renee, a Portland resident who has been battling with her credit card company for 2 years over charges she doesn't owe. Two years of harassing phone calls and dead end negotiations have gotten her nowhere. The credit card company is still demanding payment on $2,000 she doesn't owe.
Renee is far from alone. Questionable practices by credit card companies and other lenders leave us all wondering if there is any accountability.
The UTPA sets basic standards of fair conduct in the marketplace. Rules like no bait and switch, no false or misleading advertising, no deceptive sales tactics. In most other states the UTPA protections include prohibitions against predatory lending or unfair insurance practices but not in Oregon.
In Oregon, if you buy a car and drive away with a lemon you're protected.
If the appliance dealer sells you a refrigerator that never works you're protected.
But, if your bank sells you a deceptive loan forget it, there's no protection under the UTPA.
Join us in telling lawmakers we need better protections for all of us living on Main Street not Wall Street.
HB 3615 will finally close the gap by adding a few simple words "loans, extension of credit and insurance" the definition of goods and services covered by the UTPA. That's it.
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Our Oregon
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