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Editorial: Wasden has your back, Idaho

Coeur d'Alene Press | UPDATED 12 years, 10 months AGO
| March 21, 2012 8:42 AM

Consumers, you’ve got a friend in Boise.

He’s your attorney general, Lawrence Wasden.

What, you didn’t know the attorney general’s office runs a vigilant consumer protection division? Then before we go any further, make note of this Web address — http://www.ag.idaho.gov/consumerProtection/consumerIndex.html — and this standard address:

State of Idaho

Office of the Attorney General

700 W. Jefferson Street, Suite 210

P.O. Box 83720

Boise, Idaho 83720-0010

These addresses will connect you with legal experts whose job is to ensure that your rights as a consumer are protected. Through education, mediation and, ultimately, enforcement, the consumer protection division targets unfair or deceptive practices that range from complaints about loans and mortgages to magazine subscription sales.

Wasden’s office on Monday released its consumer protection report for 2011 — the 40th anniversary of the Idaho Consumer Protection Act. According to the report:

  • Wasden’s office recovered a record $8 million in consumer restitution last year.
  • It also recovered another $2.5 million in penalties, fees and costs.
  • It received more than $24 million from the tobacco settlement.
  • It returned $1.5 million to the state’s general fund in unspent consumer protection money.

That’s an astonishing return on investment, and under Wasden’s leadership, the division has made great strides in several areas where fraudulent or badly flawed business practices have either ceased or been significantly improved. One of these is mortgage-related problems.

Early last year, Wasden’s office studied mortgage and foreclosure issues, then created a comprehensive report that led to House Bill 331. Enacted last year, the law requires lenders to notify borrowers in writing of their opportunity to request a mortgage loan modification review and to notify borrowers in writing of postponed trustee’s sales. Further, it prohibits for-profit mortgage modification companies from operating in Idaho unless they’re licensed by the Idaho Department of Finance or are exempt from such licensing.

Last week, Wasden’s office submitted for court approval a settlement with the five largest mortgage servicers — a settlement that will provide an estimated $100 million in direct benefits to Idaho mortgage borrowers. Similar progress is being made by Wasden’s staff with settlements from drug manufacturers, some of whom reported inflated “average wholesale prices” by up to 2,000 percent.

We applaud Lawrence Wasden and his team and encourage readers to contact the consumer protection division when you believe unfair or deceptive practices are being used on Idaho consumers.

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