| Volume 118 Number 5 |
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The People’s Lawyer’s Tip of the Day
I was once contacted by a finance company about a debt that was not mine. It turned out that someone with the same name had failed to pay off their car loan. It took some doing, but I convinced them that, notwithstanding the name, they had the wrong person. This link has tips on what to do when someone tries to collect a debt from you that isn't yours. Click here for more.
California Considering Regulation of Online Lenders
The California Department of Business Oversight has asked 14 online lending companies for more information about their investors, lending policies, and business models. Loans issued through online lenders have increased rapidly over the past year, and online lenders issued $14 billion worth of loans in 2014. Online lending companies currently involved in the industry include SoFi, Prosper Marketplace, Avant, Kabbage, and On Deck Capital. The California investigation preceded the knowledge that Prosper made $28,500 loan to Syed Farook, just weeks before he and his wife engaged in the shootings in San Bernardino. Click here for more.
Your Money
Studies have shown that the myth of the "stock picking genius" is just that, a myth. In general, indexes of stocks outperform the "stock pickers." What you do need to do is make sure that you have a good mix of indexes (small cap, large cap, foreign, domestic, etc.). This is where the rise of low fee "robo-advisors" might be a real help for the average investor. This link tell you what you need to know about the new computer programs that can help you manage your portfolio. Click here for more.
For the Lawyers
Out of state plaintiff may sue out of state defendant under Consumer Protection Act based on instate agent’s actions. The Washington Supreme Court was asked to determine whether the Washington Consumer Protection Act (CPA), allowed a cause of action for a plaintiff residing outside Washington to sue a Washington corporate defendant for allegedly deceptive acts. The Court also was asked to determine whether the CPA supported a cause of action for an out-of-state plaintiff to sue an out-of-state defendant for the allegedly deceptive acts of its instate agent. The United States District Court noted an absence of Washington case law providing guidance on these issues. The Washington Supreme Court answered both certified questions in the affirmative. Thornell v. Seattle Serv. Bureau, Inc. (Washington 2015) Click here for more.