(Download) "Lanier v. Associates Finance" by Supreme Court of Illinois # Book PDF Kindle ePub Free
eBook details
- Title: Lanier v. Associates Finance
- Author : Supreme Court of Illinois
- Release Date : January 17, 1986
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 70 KB
Description
After paying the balance of an installment loan in September 1983, eight years prior to its due date in 1991, plaintiff Alma Lanier instituted a class action against defendants, Associates Finance, Inc., and its alleged parent corporation, Associates Corporation of North America. Plaintiff's class was comprised of persons who had prepaid, or were currently parties to, credit obligations entered into with the defendant Associates Finance, in which the credit agreements computed interest payments according to the Rule of 78's. The plaintiff contended that use of the Rule of 78's to compute interest in loans made to unsophisticated borrowers, absent explanation to the borrower about the effects of the rule upon early repayment, was fraudulent and violated unspecified provisions of the Consumer Fraud and Deceptive Business Practices Act (Ill. Rev. Stat. 1981, ch. 121 1/2, pars. 261 through 271).