Pennsylvania AG sues PROG Holdings' Progressive Leasing unit

seekingalpha2022-08-26

Pennsylvania's Attorney General filed a lawsuit Thursday against PROG Holdings' (NYSE:PRG) Progressive Leasing for allegedly violating a law that requires companies to clearly disclose fees for rent-...

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According to the lawsuit, agents of the AG's Office visited multiple stores across the state that use Progressive Leasing ot offer rental-purchase agreement to their customers. \"The investigation revealed widespread non-compliance\" with the Rental Purchase Agreement Act's disclosure requirements by Progressive Leasing and its merchant partners, the Attorney General's Office said in a statement. PROG Holdings (PRG) said it's \"deeply disappointed\" with the Pennsylvania AG's decision to file the complaint against its Progressive Leasing business. The company said a Pennsylvania law that goes into effect Sept. 9, 2022, will effectively ratify \"the exact type of electronic disclosures Progressive Leasing has been making for years in Pennsylvania.\" As such, the company will \"vigorously defend\" Progressive Leasing and looks forward to continuing to provide Pennsylvania consumer with its lease-to-own financing. PROG Holdings (PRG) stock is unchanged in Thursday after-hours trading. The stock rose 3.0% in regular-session trading. In March, Seeking Alpha's Quant system rated PRG Sell on decelerating momentum and negative EPS revisions","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2262899341"}