Mariner Finance Strongly Opposes Misguided Lawsuits Filed by Pennsylvania Attorney General and a Small Group of Other States


The company disputes baseless and ill-informed claims

BALTIMORE, August 17, 2022 /PRNewswire/ — Mariner Finance (“Mariner”), a licensed and regulated traditional installment lender that responsibly serves more than 700,000 Americans, today announced that it will strongly defend itself against a baseless lawsuit filed by the Pennsylvania Attorney General and a small group of other state attorneys general.

Notably, the Federal Trade Commission and other state attorneys general have conducted their own extensive investigations into the same issues raised by the Pennsylvania The Attorney General following the release of a misleading media report in 2018 and closed their cases with no action taken against Mariner. The Pennsylvania The Attorney General chose a different path, causing Mariner to spend significant time and resources defending against baseless claims.

Before filing a complaint, Pennsylvania demanded that the company accept a national ban on the sale of legal and authorized products that provide vital support to consumers. In doing so, Pennsylvania has sought to usurp the legislative authority of every state in the country and is attempting to effect legislative change through coercive action – an alarming example of overreach.

Mariner is and continues to be committed to complying with all state and federal regulations and holds itself to a high standard of customer service. In fact, since 2018, the Pennsylvania Department of Banking has reviewed Mariner Finance 70 times; 69 of these reviews found no violations or exceptions, while the only minor exception found was the failure of a single branch to have a required notice regarding insufficient funds charges posted, which was immediately resolved.

The Pennsylvania The Attorney General’s allegations are based on a simple anecdote, drawn from only 44 interviews with consumers in Pennsylvania, details of which have not been shared with Mariner despite multiple requests. Mariner has 39 branches in Pennsylvaniawhich serve an average of more than 1,500 clients per branch and provide tens of thousands of loans to workers Pennsylvania inhabitants each year. Based on Pennsylvania According to the Attorney General’s own claims, the complaint is based on interviews with consumers representing 0.07% of Mariner’s Pennsylvania customers between December 2018 – 2021.

The complaint also ignores information provided over nearly four years of cooperation with the investigation, including thousands of documents, loan data and employee testimonials that directly refute the allegations. The allegations are baseless and reflect either a profound misunderstanding of the law or simply a decision to ignore investigative evidence that negates the allegations, for example:

  • Allegations of unfair or deceptive acts of “packaging” insurance, despite Mariner’s written policies, procedures, employee training, consumer disclosures, and sworn employee testimonials refuting these allegations, all of which establish that the Mariner employees repeatedly disclose the optionality and cost of offering products to consumers, verbally and in writing;

  • The erroneous claim that Mariner’s compensation program encourages the inclusion of optional products in loans without the knowledge or consent of the consumer, while Mariner’s compensation program does not consider or incentivize not to the sale of optional products, including insurance;

  • The erroneous claim that Mariner “hides” or “hides” product loan and pricing information from consumers when, in fact, Mariner employees provide all information required by federal and state laws and Company procedures go beyond mandatory disclosure requirements in most cases. ;

  • The erroneous claim that Mariner should have included the cost of optional products in the calculation of the annual percentage rate of charge (“APR”) when federal law provides that such costs should be excluded from the APR when products are optional, their cost is disclosed to the consumer in writing, and the consumer requests the products in writing–conditions that Mariner fulfills for each loan that includes optional products;

  • The erroneous claim that Mariner prevents consumers from canceling optional products after a loan is closed, when in fact Mariner offers every customer for every product it offers a 15-day satisfaction guarantee, where any customer can return the loan proceeds within 15 days for any reason and the loan will be canceled without penalty or charge. Additionally, Customers may cancel any product purchased, in person, by email, and by phone at any time during the Lending Relationship; and;

  • The erroneous claim that Mariner’s Ready-to-Mail product leads to identity theft, when the evidence establishes that even potentially fraudulent loans by mail in Pennsylvania represent only 0.0003% of checks mailed and only 0.03% of checks cashed or deposited.

Mariner carefully trains its employees to repeatedly disclose the voluntary nature of available voluntary credit insurance and non-credit insurance products. Additionally, the fact that so many of our customers nationwide choose not to purchase such products or choose only some of the products available to them, as well as the fact that customers frequently submit complaints and receive valuable benefits, demonstrates that customers understand that the products are optional and meet an important consumer need. Mariner takes its role of providing an important credit option to Americans who need access to consumer credit seriously. The vast majority of our customers have a positive experience with Mariner, a fact reflected in our average customer satisfaction score of 4.9/5 out of costsan independent consumer review site with over 12,500 Mariner customer reviews.

The optional products in question are legal and legally authorized products that provide vital benefits to consumers who often do not have access to similar benefits elsewhere.

The claims are baseless and in no way reflect the customer-first approach Mariner takes to its business. Mariner will vigorously defend against this misguided action.

CONTACT: [email protected]


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SOURCE Mariner Finance


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