CONSUMER RIGHTS ARE BEING UNDERCUT FOR PROFIT AND MEASURES MUST BE TAKEN TO PROTECT THE RIGHTS OF THE CONSUMER RATHER THAN EXCESSIVE GAINS MADE IN AN INDUSTRY THAT IS UNEQUAL TO THE CONSUMER.

PROTECT CONSUMER RIGHTS! Background (Preamble): In this struggling economy a lot of people have fell upon hard times, whether a loss of a job and a period of being unemployed or underemployed, for some working til exhaustion/some families both spouses working or some even more than 1 job, divorce and 1 income, or a major injury/illness and trying to make ends meet and the rising costs of housing/food/gas/utilities, etc. doesn't lessen the burdens on families. It isn't fair to consumers for lenders (especially out-of-state lenders as most of these lenders are out-of-state) in making highly profitable gains on those trying to rebuild and exhausting all efforts in making ends meet and seeking resources to aid through difficult times of rebuilding. Such consumer loans are for a variety of reasons during their rebuild (consolidation of debt/rebuilding credit/auto loans for transportation to work, etc.. etc). Many lenders marketing tactics to lure consumers of giving people a fresh start have unreasonable terms and shylock interest rates and should not be a marketing strategy to make highly profitable gains.

There is a failure currently to systematically address issues confronting lending practices and a consumers rights without due process, the definition of justice is fairness and reasonableness, especially in the way people are treated and decisions are made and the administration of law especially the determination of rights according to the rules of law or equity, mainly:

• Lenders are not fully disclosing information and the terms within a security agreement during the loan process which is misleading due to hidden terminology that traps a consumer into unreasonable terms as well as hidden fees. Lenders are required to act in good faith and not  misrepresent any part of a security agreement which includes $ amounts/calculations and APRs.

• Highly profitable gains to a lender due to shylock interest rate. Consumers are paying way more than what they borrowed, in some cases 75% or higher in profitable gains to a lender than what a consumer actually received.

• Adherence to TILA requirements are not being consistently abided by all lenders, including Credit Practices Rules and the Uniform Commercial Codes, FCRA, FDCPA. • Non-compliance from lenders of regulations and a consumers due process to take action on violations.

There is also a failure currently to systematically address issues involving civil actions by consumers when violations have occurred:

• A consumers right to seek due process, upon seeking legal counsel and no licensed attorney chooses to take your case what other forms of action can a consumer take? • If a non-profit organization (Legal Aid, Pro-Bono Attorneys or Volunteers) who also have cut funding cannot aid a consumer what other forms of legal avenues can consumers take to address these issues

ANOTHER IMPORTANT HIGHLIGHT: What happens to those who have consumer issues who don't fall within the low income bracket to receive Legal Aid due to the qualifications they require on income base and cannot afford counsel with costly retainers, how are they to seek legal advisement?. Those that fall within this bracket are left in limbo not knowing avenues to address consumer rights. Their should be equality across the board and a streamlined process, reform should be considered.

CONSUMERS ARE NOT ATTORNEYS AND THE LEGAL TERMS AND LANGUAGE WITHIN SECURITY AGREEMENTS ARE NOT CLEAR AND CONCISE TO BORROWERS AND TERMS MUST BE FULLY DISCLOSED ALONG WITH RESCISSION RIGHTS WHICH IS A REQUIREMENT UNDER The Truth in Lending Act. Lenders are using that to their advantage on consumers of the terms and its way too convenient for lenders to use the signature on the document to trap a consumer under predatory means. Agreements needs to be fully explained to a consumer prior to signature rather than sign the dotted line and expect a consumer to be trapped into a contract under predatory means. Banks, Institutions and other Loan companies are too quick to get a signature of lengthy documents, there should be ZERO TOLERANCE of such practices, consumers shouldn't have to deal with the oh well, too bad, our loss is their gain! Our rights should not be undercut for profit.

This petition calls on our constituents in each state, including the President of the United States and Congress to immediately address these issues and also develop strategies to ensure that the rights of consumers are not violated by lenders who trap consumers.

Please share with family and friends if you support the cause.  

Mahalo Nui Loa! (Thank you very much)

The information below is just for informational purposes

Recently I saw an advertisement on TV for a loan amount of $10,000. When I read the small fine print on the advertisement it stated that the APR was an astounding 89.73%, to validate the excessive gains, calculated the amount of the monthly payment in the advertisement and term of loan at an APR of 89.73%, it came out to a figure of over $60,000 for a loan of $10,000. APR rates are going through the roof and a CAP should be placed on lenders to not exceed a reasonable APR rate due to excessive gains and corporate greed in an industry that thrives on profit. We must show balance to create an equal footing in this troubling economy.