Consumer complaint received 03/19/2018 about Debt collection (Other debt) with Acceptance Rentals, Inc. (GA).
Issue: False statements or representation
Sub-issue: Attempted to collect wrong amount

Complaint: According to O.G.C.A. TITLE 7, CHAPTER 4, ARTICLE 1 7-4-2 ( a ) ( 1 ) ( C ) ( 2 ) where the principal amount involved is {$3000.00} or less, such rate shall not exceed 16 percent per annum simple interest on any loan, advance, or forbearance to enforce the collection of any sum of money unless the loan, advance, or forbearance to enforce the collection of any sum of money is made pursuant to another law.

( 3 ) As used in this Code section, the term " interest '' means a charge for the use of money computed over the term of the contract at the rate stated in the contract or precomputed at a stated rate on the scheduled principal balance or computed in any other way or any other form. Principal includes such charges to which the parties may agree under paragraph ( 1 ) of this subsection. Amounts paid or contracted to be paid as either an origination fee or discount points, or both, on any loan secured by an interest in real estate shall not be considered interest and shall not be taken into consideration in the calculation of interest and shall not be subject to rebate as provided in paragraph ( 1 ) of subsection ( b ) of this Code section.

In addition, according to The Georgia Industrial Loan Act, Section 7-3-14 ... Maximum loan amount, period, and charges. Every licensee under this chapter may loan any sum of money not exceeding {$3000.00} for a period of 36 months and 15 days or less and may charge, contract for, collect, and receive interest and fees and may require the fulfillment of conditions on such loans as provided in this Code section : ( 1 ) INTEREST. A licensee may charge, contract for, receive, and collect interest at a rate not to exceed 10 percent per annum of the face amount of the contract, whether repayable in one single payment or repayable in monthly or other periodic installments. ( 2 ) LOAN FEE. In addition thereto, a licensee may charge, contract for, receive, or collect at the time the loan is made a fee in an amount not greater than 8 percent of the first {$600.00} of the face amount of the contract plus 4 percent of the excess.

Based on the validation information provided by the creditor Acceptance Rentals , Inc., which included payment history on this account, the total payments paid to the creditor exceeded the principal amount of the loan ( {$2900.00} ), paying in full the entire principal balance, and exceeding 16 % interest per annum. In addition, the alleged signed contract provided by this creditor imposes a loan fee of 167 % of the face amount of the loan which violates the above chapters of the Georgia Code and the rules and regulations promulgated by the Commissioner pursuant to the chapters of the Georgia Industrial Loan Act. Therefore, I am not responsible for the dollar amount, debt or balance on this account being reported by this creditor to credit bureaus. This debt is false, deceptive, misleading, unconscionable, and unfair within the meaning of the Fair Debt Collection Practices Act, 15 USC 1692e, 1692f. Therefore, this creditor, Acceptance Rentals , Inc., is in violation of the above-mentioned regulations : FDCPA 15 USC 1692e, 1692f, O.G.C.A. 7-4-2 ( a ) ( 1 ) ( C ) ( 2 ), The Georgia Industrial Loan Act, Section 7-3-14, as well as the provisions of the FCRA.

The creditor, Acceptance Rentals, was sent certified notification onXX/XX/XXXXfor full validation of account, in which they responded onXX/XX/XXXX, with information such as a contract and a payment history ledger showing payments. As of XX/XX/XXXX I sent the creditor another certified notification of violation of the above mentioned regulations. OnXX/XX/XXXX, XXXX was also sent a dispute and information of the violation of regulations in which removal from all credit files was requested because of illegal reporting. As of XX/XX/XXXXcreditor responded with a letter stating they will not respond any further and have continuously reported illegal debt to credit reporting agencies.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with non-monetary relief