Leasing Firm 'Tricked' Shoppers, Ordered to Pay into Victims Relief Fund

Shoppers at stores including Sears and Kmart were ‘kept in the dark’ about contract terms, CFPB says.

A consumer protection law book lays on a table with a gavel next to it.
(Image credit: Zerbor, Getty Images)

The Consumer Financial Protection Bureau (CFPB) has fined consumer finance company Tempoe $36 million for "tricking" consumers into signing leasing agreements by concealing the contract terms and costs, and for failure to provide legally required disclosures.

Forty-one states and the District of Columbia are also entering into a parallel multi-state settlement addressing the same conduct. Some $2 million of the $36 million will be split evenly between those entities and the CFPB’s victims relief fund, the CFPB said.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.