Deceptive ISA Practices Sample Clauses

Deceptive ISA Practices. ISA providers frequently market ISAs as low-cost financial products that are not “loans” that do not create “debt” despite functioning essentially as a consumer loan that creates consumer debt. ISA contracts used at the coding bootcamp Lambda School (now rebranded as the Bloom Institute of Technology17), for example, stated “THIS IS NOT A LOAN” below summaries of monthly payments.18 However, ISA borrowers often face the same tax treatment for discharges as federal student loan providers. A federal student loan borrower who discharges their loans at the end of an income-driven repayment plan must report the discharged amount as income for 16 Xxxxxx and Xxxxxx at 12.‌ 17 Bloom Institute of Technology, xxxxx://xxx.xxxxxxxxx.xxx/ (last visited Dec. 16, 2021) 18 Lambda, Income Share Agreement, Lambda School ISA (20200413).pdf (last visited Dec. 16, 2021). tax purposes. Similarly, an ISA borrower who fails to repay the total amount financed must report the difference as income.19 ISA providers can also often easily confuse consumers as to how they calculate an individual’s “income.” A provider can require a borrower to pay a share of unemployment compensation and bury that obligation within the fine print of a contract. Additionally, agreements typically calculate an individual's monthly obligation based on their gross pre-tax income. This is substantially different from federal income-driven repayment loans that consider only discretionary income, a measure that subtracts out a baseline amount of income meant to be allocated toward basic needs. Confusion surrounding the nuances of ISAs could create untenable conditions for consumers through the “stacking” effect of combining private and federal loans and yield exceptionally high monthly payments. When combined with regular federal student loans, XXX’s can burden student borrowers with monthly payments as high as 40 percent of pre- tax income for student borrowers who lack the basic protections federal law gives to federal loan borrowers.20 ISA providers frequently make use of calculators, “comparison tools,” and “future earnings” statistics to market their products. These are easily manipulated or flawed.21 Service providers’ calculators often do not include a clear APR calculation or disclosure of potential prepayment penalties. However, this is not immediately clear to consumers. 19 Purdue Univ., ISA Sample Contract (Academic Year), xxxxx://xxx.xxxxxx.xxx/backaboiler/disclosure/contract.html (last visited Nov...
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Related to Deceptive ISA Practices

  • Unfair Labor Practices The Grantee shall comply with the Employers Engaging in Unfair Labor Practices Act, 1980 PA 278, as amended, MCL 423.321 et seq.

  • FAIR PRACTICES The Union agrees to maintain its eligibility to represent all employees by continuing to admit persons to membership without discrimination on the basis of race, creed, color, national origin, sex or marital status and to represent equally all employees without regard to membership or participation in, or association with the activities of any employee organization. The Board agrees to continue its policy of not discriminating against any employee on the basis of race, creed, color, national origin, sex, marital status or membership or participation in, or association with the activities of, any employee organization.

  • Collusive practices We hereby certify and confirm that the tender is genuine, non-collusive and made with the intention of accepting the contract if awarded. To this effect we have signed the “Certificate of Independent tender Determination” attached below.

  • Data Practices The Parties acknowledge that this Agreement is subject to the requirements of Minnesota’s Government Data Practices Act, Minnesota Statutes, Section 13.01

  • Work Practices Where the Employer provides overtime, a minimum of one hour shall be provided which shall be worked. When on Employee and the Employer mutually agree, less than an hour overtime may be worked, which shall then be paid pro rata for overtime worked. Overtime shall be offered on a fair and equitable basis with an agreed roster being observed at the Refinery.

  • Good Industry Practice all applicable Standards; and

  • Collection Practices The collection practices used by the Servicer with respect to each Mortgage Note and Mortgage have been in all respects legal, proper and prudent in the mortgage servicing business;

  • No Improper Practices (i) Neither the Company nor, to the Company’s knowledge, the Subsidiaries, nor to the Company’s knowledge, any of their respective executive officers has, in the past five years, made any unlawful contributions to any candidate for any political office (or failed fully to disclose any contribution in violation of law) or made any contribution or other payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other person charged with similar public or quasi-public duty in violation of any law or of the character required to be disclosed in the Prospectus; (ii) no relationship, direct or indirect, exists between or among the Company or, to the Company’s knowledge, the Subsidiaries or any affiliate of any of them, on the one hand, and the directors, officers and stockholders of the Company or, to the Company’s knowledge, the Subsidiaries, on the other hand, that is required by the Securities Act to be described in the Registration Statement and the Prospectus that is not so described; (iii) no relationship, direct or indirect, exists between or among the Company or the Subsidiaries or any affiliate of them, on the one hand, and the directors, officers, stockholders or directors of the Company or, to the Company’s knowledge, the Subsidiaries, on the other hand, that is required by the rules of FINRA to be described in the Registration Statement and the Prospectus that is not so described; (iv) there are no material outstanding loans or advances or material guarantees of indebtedness by the Company or, to the Company’s knowledge, the Subsidiaries to or for the benefit of any of their respective officers or directors or any of the members of the families of any of them; and (v) the Company has not offered, or caused any placement agent to offer, Common Stock to any person with the intent to influence unlawfully (A) a customer or supplier of the Company or the Subsidiaries to alter the customer’s or supplier’s level or type of business with the Company or the Subsidiaries or (B) a trade journalist or publication to write or publish favorable information about the Company or the Subsidiaries or any of their respective products or services, and, (vi) neither the Company nor the Subsidiaries nor, to the Company’s knowledge, any employee or agent of the Company or the Subsidiaries has made any payment of funds of the Company or the Subsidiaries or received or retained any funds in violation of any law, rule or regulation (including, without limitation, the Foreign Corrupt Practices Act of 1977), which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.

  • Payable Practices No Borrower or Subsidiary has made any material change in its historical accounts payable practices from those in effect on the Closing Date.

  • Hiring Practices The Board shall, in all instances, employ teachers who are properly credentialed in accordance with applicable state laws, Washington Administrative Code, and by such other requirements as specified by the Office of the State Superintendent of Public Education. Classified personnel shall not be assigned to perform work in the instructional setting which will replace a currently employed certificated employee in his assignment or employment.

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