A N.J. Supreme Court ruling that Rent-a-Center must come under the same interest rate caps as other retailers letting consumers pay by installment won’t affect the chain’s N.J. operations, CEO Mark Speese said in a statement. The ruling reversed a lower court dismissal of Hilda Perez’s suit. She claimed RAC violated the N.J. Retail Installment Sales and Consumer Fraud Acts, which cap at 30% per year interest on installment deals. Perez alleged she paid $8,000 toward what was approximately 80% interest for furniture, a TV, a washing machine and other appliances. RAC was “clearly disappointed” by the ruling, “particularly in light of the 2 favorable decisions we previously received in this case,” said Speese. The decision could mean other consumers who paid more than 30% interest can claim refunds from RAC. The case goes to state court, where lawyers will try to have it certified as a class-action suit so other N.J. Rent-a-Center customers can seek refunds. The items Perez rented had a combined cash price of $9,301. But if she paid the weekly rates and purchase option payments, she would have spent $18,613 to own the items. Only one justice, Roberto Rivera- Soto, dissented in part. “If there is a need to regulate the rent-to-own industry -- a need certainly not demonstrated in this record -- then the source of that regulation should be legislative or executive action, and not a cobbled-together judicial cure for a perceived but unsubstantiated ill,” he wrote. Meanwhile, a final settlement calling for RAC to pay $1.75 million to 777 current and former account managers, inside/outside managers and executive assistant managers was approved in federal court in Ore., the chain said in a 10K filed with the SEC. The managers sued in 2005, alleging the chain violated Ore. law on overtime, lunch and work breaks and failed to pay all wages due the employees. RAC reserved $1.3 million in fiscal year ended Dec. 31 to fund a settlement subject to an April 21 final hearing. The suit began in Ore. Superior Court, Clark County. The 2001 class action involved 1,300 current and former employees.
U.S. Customs and Border Protection (CBP) has recently posted to the Pilot Bond Centralization Program section of its Web site a February 13, 2006 version of its guidance document entitled "Latest News and Developments." According to CBP, this document provides information on the Pilot Bond Centralization Program and current issues, policies, and procedures for processing bond applications. (See ITT's Online Archives or 12/08/05 news, 05120805, for BP's summary of CBP's November 29, 2005 version of its "Latest News and Developments" guidance document.)
The Animal and Plant Health Inspection Service (APHIS) has issued a notice announcing that it has reopened its comment period until March 10, 2006, for a proposed rule that would amend 7 CFR Part 319 in order to list a number of fruits and vegetables from certain parts of the world as eligible, under specified conditions, for importation into the U.S.
The Animal and Plant Health Inspection Service (APHIS) has issued a notice announcing that it has reopened its comment period until March 31, 2006, for a proposed rule to amend its regulations regarding the importation of nursery stock.
U.S. Customs and Border Protection (CBP) has recently posted to the Pilot Bond Centralization Program section of its Web site a February 13, 2006 version of its guidance document entitled "Latest News and Developments." According to CBP, this document provides information on the Pilot Bond Centralization Program and current issues, policies, and procedures for processing bond applications. (See ITT's Online Archives or 12/08/05 news, 05120805, for BP's summary of CBP's November 29, 2005 version of its "Latest News and Developments" guidance document.)
The Intellectual Property Alliance (IIPA) filed recommendations with the U.S. Trade Representative for the agency’s Special 301 report, which identifies countries that don’t protect intellectual property rights adequately (IPR) or that deny market access to U.S. businesses dependent on IPR. The group -- which includes the Business Software Alliance, MPAA, RIAA and Entertainment Software Assn. -- described protection or enforcement problems in 68 countries and recommended 46 of those be added to the 301 list. IIPA attributed $15.8 billion in losses to piracy in the 68 countries in 2005; that figure doesn’t include online piracy. Russia came out worst in piracy severity, with rates of 70-80% in most sectors. IIPA called Russia-based AllOfMP3.com -- a pay-download site that IP groups say doesn’t have copyright permission for its files -- “one of the world’s most open and notorious websites” for infringement. Another 16 countries should be added to USTR’s Priority Watch List, including several Latin American, Middle Eastern and southeast Asian countries, such as Argentina, Israel and China, it said. IIPA praised Paraguay for improved antipiracy efforts but said more is needed and it should remain on the 301 list. Several other countries should be reviewed out of cycle this year, including Canada, Brazil and Saudi Arabia, for progress in reducing piracy, IIPA said. The group also cited 7 “global priorities” for 2006: (1) Enforcement and deterrents against copyright piracy. (2) Internet piracy, e-commerce and World Intellectual Property Organization Internet treaties. (3) Optical disk piracy and regulation. (4) Tackling organized- crime piracy. (5) Handling end-user piracy of business software. (6) Addressing piracy of books and journals. (7) Using Free Trade Agreements to improve global standards for protection and enforcement.
The Animal and Plant Health Inspection Service (APHIS) has issued an interim rule that amends 9 CFR 94.6(d) to add Kazakhstan, Romania, Russia, Turkey, and Ukraine to the list of regions where the H5N1 subtype of highly pathogenic avian influenza (avian flu) is considered to exist, effective February 7, 2006.1
U.S. Customs and Border Protection (CBP) sources have confirmed that the second staged entry period for overshipments of 2005 China safeguard quotas on cats 332/432/632pt and 620 will open on March 1, 2006 under opening moment procedures, for another 5 percent increase.
The Washington File reports that the U.S. and South Korea will open negotiations on a comprehensive bilateral free trade agreement (FTA) to remove tariff and nontariff barriers and expand trade between the countries. The talks are expected to begin in or around May 2006 after a consultation period. (Washington File Pub 02/03/06, available at http://usinfo.state.gov/usinfo/Archive/2006/Feb/02-508129.html)
(Part II - Final)