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AAA accused of charging excessive interest rates

Goldenberg
EDWARDSVILLE A woman claims Illinois-based lender AAA Community Finance charged excessive interest rates and does business without a license.
Terrie Luster, individually and on behalf of all others similarly situated, filed a complaint May 13 in the Madison County Circuit Court against JRE Financial LLC, doing business as AAA Community Finance, alleging violation of the Consumer Installment Loan Act and Illinois Consumer Fraud and Deceptive Business Practices Act, unjust enrichment and engaging in lending business without a license.
According to the complaint, Luster was issued a loan by AAA in August 2020 for $475 with an annual percentage rate of 786.72% which is greater than the maximum of 99% allowed by Illinois law. She alleges that she made regular payments on the loan and eventually paid $1,400 to AAA before she stopped making payments. Luster claims AAA is not licensed with the Illinois Department of Financial & P ....

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - April 2021 #2 | Troutman Pepper

Ron Raether, who discussed the use of COVID-19 vaccination passports. Raether shared that, “[t]here’s going to be different [vaccine] verification standards[;] there’s too much economic pressure to jump start all of these struggling economies.” It appears the Biden administration would agree with the statement;
Reuters
reported the administration is discussing the possibility of providing airlines guidance for the use of vaccine passports in hopes that it will “ramp up international air travel safely.” While the Biden administration previously stated it would not require businesses to use COVID-19 health applications, it will nonetheless publish usage guidance “that provides important answers to questions that Americans have, in particular around concerns about privacy, security, or discrimination, soon.” However, others don’t agree. ....

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Illinois marijuana licensees race to finish new stores

Weed companies are scrambling to meet an impending deadline to open new pot shops.
The law passed in 2019 that allowed recreational weed sales in Illinois gave the operators of existing medical marijuana stores the option to open an additional store for each license they held. They have until March 31 to receive final inspections from the Illinois Department of Financial & Professional Regulation or lose the licenses, which can be worth $10 million to $20 million.
Everyone I work with is pounding nails and painting, says attorney William Bogot, co-chair of Fox Rothschild s cannabis practice group, who represents several marijuana companies. Every client has incentives built into their contracts to get it done. I don t think anyone is going to voluntarily let that (license) pass by. ....

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