Common use of CONSUMER RESTITUTION Clause in Contracts

CONSUMER RESTITUTION. 2. That within ninety (90) calendar days following the Effective Date as defined below in Paragraph 21 of this Agreement, Prospect shall pay restitution to every borrower in every Participating State that was assessed a C2C Settlement Service Fee during the C2C Operations Period, (hereinafter, “Covered Borrower(s)”) in the amount of $40.00 with interest of ten (10) percent per annum from the date the C2C Settlement Service Fee was charged. 3. That each and every restitution payment contemplated under this Agreement will be made by check, payable to the Covered Borrowers’ last known mailing address, or such updated mailing address as can be identified through customary address verification means. 4. That if any restitution to any Covered Borrower(s) cannot be made due to the inability to locate the Covered Borrower(s) or the failure of any Covered Borrower(s) to cash the refund check, the State Mortgage Regulator may require that such funds be escheated to the state or submitted as unclaimed property in accordance with the applicable law of that Participating State. This in no way affects Prospect’s obligation to abide by the applicable unclaimed property law in a participating State. 5. That Prospect shall bear the cost of all related expenses related to providing consumer restitution described herein, including, but not limited to, the costs of mailing and stopping payment on outstanding checks that are not returned or cashed.