[Federal Register Volume 63, Number 16 (Monday, January 26, 1998)]
[Notices]
[Page 3746]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-1798]


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FEDERAL TRADE COMMISSION

[Dkt. C-3724]


Progressive Mortgage Corp., et al.; Prohibited Trade Practices, 
and Affirmative Corrective Actions

AGENCY: Federal Trade Commission.

ACTION: Consent order.

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SUMMARY: In settlement of alleged violations of federal law prohibiting 
unfair or deceptive acts or practices and unfair methods of 
competition, this consent order prohibits, among other things, the 
Ohio-based mortgage corporation and its president from misrepresenting 
any terms or conditions of financing, such as, the annual percentage 
rate and finance charges of consumer loans; the number, amount and 
timing of mortgage payments; and the total number of payments to repay 
consumer loans.

DATES: Complaint and Order issued March 10, 1997.\1\

    \1\ Copies of the Complaint and the Decision and Order are 
available from the Commission's Public Reference Branch, H-130, 600 
Pennsylvania Avenue, NW., Washington, DC 20580.

FOR FURTHER INFORMATION CONTACT: John Mendenhall, FTC Cleveland 
Regional Office, Eaton Center, Suite 200, 1111 Superior Ave., 
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Cleveland, Ohio 44114. (216) 522-4210.

SUPPLEMENTARY INFORMATION: On Tuesday, December 10, 1996, there was 
published in the Federal Register, 61 FR 65061, a proposed consent 
agreement with analysis In the Matter of Progressive Mortgage 
Corporation, et al., for the purpose of soliciting public comment. 
Interested parties were given sixty (60) days in which to submit 
comments, suggestions or objections regarding the proposed form of the 
order.
    No comments having been received, the Commission has ordered the 
issuance of the complaint in the form contemplated by the agreement, 
made its jurisdictional findings and entered an order to cease and 
desist, as set forth in the proposed consent agreement, in disposition 
of this proceeding.

(Sec. 6, 38 Stat. 721; 15 U.S.C. 46. Interprets or applies sec. 5, 
38 Stat. 719, as amended; 15 U.S.C. 45)
Donald S. Clark,
Secretary.
[FR Doc. 98-1798 Filed 1-23-98; 8:45 am]
BILLING CODE 6750-01-M