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H&R Block to Stop Selling Refund Anticipation Loans in CaliforniaCompany settles suit charging it with deceptive practices |
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January 2, 2009
Attorney General Edmund G. Brown Jr. said the settlement, which includes a $4.85 million payment by the company, will protect cash-short consumers from paying exorbitant interest rates that they can little afford. Brown filed suit against H&R Block in early 2006 regarding its marketing and sale of income tax refund anticipation loans and a related product called refund anticipation checks. The company denied any wrongdoing. A refund anticipation loan is a short-term loan secured by a taxpayer's anticipated income tax refund. The complaint alleged a variety of deceptive practices by H&R Block including:
The settlement provides for up to $2.45 million in restitution for consumers who purchased a “Refund Anticipation Loan” or a “Refund Anticipation Check” through H&R Block between January 1, 2001 and December 31, 2008. In addition, the company will pay $500,000 in penalties and $1.9 million in fees and costs. In addition. H&R Block will be prohibited from marketing these loans and related products in a deceptive or misleading manner and will be required to make clear and conspicuous disclosures to consumers prior to their purchase of these products. Terms of the settlement are limited to three years. A settlement administrator will be contacting eligible consumers directly. Eligible consumers may also write to the Attorney General’s Public Inquiry Unit at P.O. Box 944255, Sacramento, CA 94244-2550, or may send an e-mail at ag.ca.gov/contact/. Brown previously settled claims against Jackson Hewitt and recently concluded a trial against Liberty Tax Service, the second and third largest tax preparation companies in the country, respectively. All three lawsuits involved refund anticipation loans and related products. Report Your Experience
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