Law360 (April 26, 2021, 9:25 PM EDT) — A San Francisco-based online coding school has agreed to revise some of its tuition financing contracts as a part of a settlement with California’s financial services regulator, dropping language suggesting that students might not be able to wipe out the income-tied agreements in bankruptcy.
The California Department of Financial Protection and Innovation said Monday in a consent order with Lambda Inc. that a non-dischargeability provision used in the school’s installment agreements in the state was misleading and accordingly violated the California Consumer Financial Protection Law, which took effect at the beginning of the year.
“California has a strong interest in protecting the…
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