Attorney General JB McCuskey announces consumer relief through $664 million Snap Finance settlement. CHARLESTON, W.Va. - Attorney General JB McCuskey announced that West Virginia has joined a multi-state settlement with Snap Finance that will provide immediate financial relief to consumers and require significant reforms to the company's business practices. The settlement, reached by a coalition of 17 attorneys general, is valued at nearly $664 million and resolves allegations that Snap Finance engaged in deceptive and misleading practices involving its lease-to-own financing agreements. According to the Attorney General's Office, West Virginians who entered into certain Snap lease-to-own agreements between 2017 and 2022 will receive substantial relief. Approximately $4.44 million in outstanding lease payments owed by West Virginia consumers will be automatically forgiven, and affected customers will be permitted to keep and own their merchandise without making any additional payments. Investigation focused on consumer protection concerns. Snap Finance offers lease-to-own agreements through participating retailers rather than through traditional rent-to-own storefronts. Under these arrangements, Snap purchases merchandise from a retailer and then leases the item to the customer until the agreement is paid in full. Attorneys general involved in the investigation alleged the company violated consumer protection laws through misleading disclosures and confusing contract terms. The investigation found concerns including: * Consumers allegedly were not always able to review complete lease agreements before signing. * Some customers believed they were entering short-term repayment arrangements, only to learn they had entered longer and more expensive lease contracts. * Customers reported difficulties when attempting to return merchandise or terminate agreements. * Lease payment structures and total costs were not always clearly communicated. * Some consumers were allegedly led to believe that leasing merchandise through Snap could improve their credit score, which investigators said was not the case. The states also examined the company's debt collection practices and procedures for returning leased products. McCuskey: companies must follow the law. "This settlement reinforces accountability for fraudulent business practices," Attorney General JB McCuskey said. "Businesses like this take advantage of people by misrepresenting legal contracts. We can't allow that. Companies doing business in West Virginia must follow the law. If they don't, we will take action to hold them accountable for deceiving our consumers. This settlement will provide immediate relief to victims of Snap Finance and stop the cycle of payments for goods that were seemingly never-ending." Company agrees to major reforms. As part of the settlement, Snap Finance agreed to implement several consumer protections and business practice changes. Those reforms include: Advertising restrictions. The company will no longer use marketing phrases such as "cash payoff," "same as cash," or "no additional fees required" when those statements could obscure the true cost of a lease agreement. Greater transparency. Consumers must be provided with complete lease terms and cost information before signing agreements, helping customers better understand the financial commitment involved. Servicing protections. The agreement requires clearer standards regarding repairs and replacement of leased merchandise. The company is also prohibited from threatening repossession when it has no intention of seizing property. Credit score disclosures. Snap may no longer suggest that applying for or using its lease-to-own products will improve a customer's credit score. Easier lease cancellations. The settlement requires Snap to clearly disclose customers' rights to terminate leases and establishes practical procedures for returning merchandise. Payment accruals must be paused while termination requests are being processed. Compliance requirements. The company must implement additional training requirements for merchants and provide annual compliance reports for the next three years. Millions in relief nationwide. The settlement provides more than $662 million in lease forgiveness to consumers across participating states. In addition, Snap Finance will pay $2.75 million to the states involved in the agreement. West Virginia is expected to receive $150,000, which will be directed to the state's consumer protection fund to support future consumer education initiatives and enforcement efforts. West Virginia was among the states that helped negotiate the settlement, which was led by Iowa and Nebraska and included participation from Florida, Idaho, Kansas, Kentucky, Arkansas, Georgia, Louisiana, Mississippi, Missouri, North Dakota, Oklahoma, Texas, Utah and Wyoming. State officials say affected consumers do not need to take action to receive lease forgiveness, as eligible relief will be applied automatically under the terms of the agreement.

Daily Digest - october 22. Getting to Know Anna Garcia of Steel River Systems; Report: Fewer Than Half of Phone Companies Fully Verify Caller ID. Getting to Know Anna Garcia of Steel River Systems * Skip tracer, licensed private detective, firearms instructor, EMT, and now HR and compliance chief for the second generation of the same family, Anna Garcia's résumé reads like a crime drama. Find out who gave her a fangirl moment and what her guilty pleasure is (don't judge). * More details here * This series is sponsored by TEC Services Group Report: Fewer Than Half of Phone Companies Fully Verify Caller ID * Only 42% of phone companies have fully installed the technology that verifies who is calling, and the share is going down. A new report explains how a legitimate call can get stamped "spam likely" just because of the lines it passes through. * More details here Snap Finance Agrees to $662M in Lease Forgiveness in 17-State Settlement * More than 303,000 consumers will have their lease payments wiped out after 17 attorneys general went after Snap's disclosures, credit score claims, and collection practices. See what the company can no longer say or do. * More details here Judge Denies Servicer's Bid to Arbitrate FDCPA Suit After It Filed the Wrong Contract * The contract a servicer's records custodian swore to belonged to a different couple at a different dealership. That was only the start of its problems trying to move an FDCPA suit into arbitration. * More details here Judge Dismisses Borrower's FCRA Suit, Says Bankruptcy Default Finding Can't Be Relitigated * A bankruptcy judge had already ruled he was in default, so a borrower's nine claims against his mortgage servicer, including FCRA, Rosenthal, and RESPA, couldn't get a second bite in federal court. Find out why his "reservation of rights" didn't save them. * More details here FTC: Older Adults Reported $3 Billion in Fraud Losses in 2025 * Reported fraud losses among older adults have jumped five-fold since 2020, and calls that start on the phone remain among the costliest. The FTC's report also details enforcement actions against debt relief operators. * More details here Appeals Court Affirms Collection Agency's $86K Default Judgment, Says 'Busy With Work' Isn't an Excuse * A business owner said he was too busy working out of town to answer a collection lawsuit. A California appeals court said courts have been rejecting that excuse for a long time. * More details here WORTH NOTING: Ways that retailers trick you into spending more money online... A conversation among fintech executives about where to put up the AI guardrails... How to find employees who might not be looking for a new job... The best kids gifts of 2026, according to kids... How to try and use your dreams to solve problems... The costly grocery mistake that many people make before even walking into the store... How to change your mind without losing credibility... A review of the new iPhone Duo. Top 10 Thursday, part I Top 10 Thursday, part II The Daily Digest is sponsored by TCN. Today, contact centers need to do more with less. TCN's cloud-based predictive dialing tools and services help clients to leverage the most sophisticated inbound, outbound, and blended calling technologies available. TCN's award-winning platform offers multiple features to assist in compliance while improving performance with no hardware, no monthly minimums, or maintenance fees. Call 866-745-1900 or visit tcn.com today.

AG Drummond reaches settlement with Snap Finance. by Joseph Mahan Wed, October 21, 2026 at 3:13 PM Attorney General Gentner Drummond OKLAHOMA - Attorney General Gentner Drummond and a coalition of 17 attorneys general reached a settlement with Snap Finance that nears $664 million. As part of the settlement, Snap Finance will automatically cancel more than $18 million in lease payments owed by Oklahomans who entered into lease-to-own agreements from 2017 to 2022. Impacted Oklahomans also will be able to keep and own their merchandise with no further payments. Snap Finance is a consumer financial services company that offers lease-to-own (LTO) agreements through merchant partners, rather than through its own brick-and-mortar stores like traditional rent-to-own stores. Snap's LTO product is often one of multiple purchasing options offered by a single merchant. When a customer selects the Snap LTO option, Snap purchases the merchandise from the merchant, Snap takes the title or owns the merchandise and then Snap leases it to the customer until the customers pays off the full cost of the lease under the agreement. The attorney's general investigated Snap's alleged violations of consumer protection laws. AG Drummond's Office said Snap used misleading disclosures about the nature of their leasing agreements, Snap did not allow customers to view the full terms of their contract, customers experienced extreme communication issues when they were trying to return products and Snap's payment terms were confusing to customers. For example, the states asserted that some customers thought they were entering into agreements with short pay-back windows of 100 days or less, but instead entered into long-term contracts that ended up being more expensive, AG Drummond's Office said. Customers were misinformed that leasing a product and making on-time payments could increase their credit score, but that was not the case. The states investigated potential bad debt collection practices as well as Snap's potentially deceptive process about returning products and terminating leases. "Snap misled consumers and withheld pertinent information about their contracts," Drummond said. "I am glad that Oklahomans who were impacted by Snap's unfair tactics will be compensated and that the company will make meaningful changes to their business practices." AG Drummond's Office said Snap cooperated with the settling states' investigation and has agreed to the following business practice changes: * Advertising Restrictions: Snap has agreed to not use misleading slogans such as "cash payoff," "same as cash," and "no additional fees required," that potentially hid the true cost of the lease. * Disclosure and Transparency: Snap must ensure that customers are shown the full terms and cost of a lease in accordance with state law before the lease can be signed. * Servicing Protections: The settlement makes it clear when Snap must repair or replace property that a customer leases and ensures Snap will do so. Snap is also prohibited from threatening seizure of a product for non-payment of a lease when it has no intent to do so. * Disclosures about Credit Ratings: Snap is prohibited from misrepresenting that applying for a lease or utilizing Snap's LTO product will help customers increase their credit scores. * Lease Termination and Surrender: Snap is required to provide clear disclosure of the right to terminate a lease, and Snap is prohibited from interfering with that right. The settlement also requires practical ways for a customer to return property when terminating a lease while pausing payment accrual when termination requests are processed. * Merchant Training and Compliance: Snap must meet certain initial and ongoing training requirement and provide annual compliance reports for three years. The total lease forgiveness for consumers in all of the settlement states is $662,102,518. Snap is also paying $2.75 million to the states. Other states in the settlement include Iowa, Nebraska, Florida, Idaho, Kansas, Kentucky, West Virginia, Arkansas, Georgia, Louisiana, Mississippi, Missouri, North Dakota, Texas, Utah and Wyoming. You can read the full settlement by clicking here. SPONSORED CONTENT MORE TO EXPLORE