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US, HSBC in Deal Over Service Members' Car Repossessions
Source: Associated Press
US, HSBC in Deal Over Service Members' Car Repossessions
By ERIC TUCKER, ASSOCIATED PRESS WASHINGTON — Aug 8, 2016, 6:42 PM ET
The Justice Department announced Monday that it had reached a $434,500 settlement with HSBC Finance Corporation over the repossession of cars owned by military service members.
The settlement covers repossessions of 75 cars that occurred between 2008 and 2010 and that federal officials say were done without the proper court orders.
The deal resolves allegations that HSBC violated the Servicemembers Civil Relief Act, which is designed to safeguard the legal rights of people in the military and protect against auto repossessions.
Under the law, judges are supposed to review and approve a car repossession in instances when a service member secured a loan on a car and made a payment on it before entering the military. Judges can also delay the transaction or appoint a lawyer to represent the military service member.
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By ERIC TUCKER, ASSOCIATED PRESS WASHINGTON — Aug 8, 2016, 6:42 PM ET
The Justice Department announced Monday that it had reached a $434,500 settlement with HSBC Finance Corporation over the repossession of cars owned by military service members.
The settlement covers repossessions of 75 cars that occurred between 2008 and 2010 and that federal officials say were done without the proper court orders.
The deal resolves allegations that HSBC violated the Servicemembers Civil Relief Act, which is designed to safeguard the legal rights of people in the military and protect against auto repossessions.
Under the law, judges are supposed to review and approve a car repossession in instances when a service member secured a loan on a car and made a payment on it before entering the military. Judges can also delay the transaction or appoint a lawyer to represent the military service member.
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Read more: http://abcnews.go.com/Politics/wireStory/us-hsbc-deal-service-members-car-repossessions-41217854
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