Asset Acceptance Capital Corp Announces FTC Consent Decree
Asset Acceptance Capital Corp. (NASDAQ: AACC) announced today that its subsidiary, Asset Acceptance, LLC, has resolved an FTC investigation of the Company's practices under the Federal Trade Commission Act, Fair Debt Collection Practices Act and Fair Credit Reporting Act. As part of the consent decree Asset Acceptance, LLC has agreed to undertake industry-leading consumer protection practices and to pay a civil penalty of $2.5 million.
The consent decree ends an FTC investigation begun in February 2006, without any admission by Asset Acceptance of the FTC's claims. The Company does not expect the operational requirements of the consent decree to have a material adverse effect on its business.
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