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Consumer Law News
FBI Partners With Retailers To Fight Organized Retail Theft
In response to Congressional legislation intended to combat the growing problem of organized retail theft, the FBI has worked with the National Retail Federation (NRF) and the Retail Industry Leader’s Association (RILA) to create the Law Enforcement Retail Partnership Network (LERPnet). This new database, which launches April 9, will be used by loss prevention industry experts and law enforcement to share information and help stop theft by criminal organizations which costs the retail industry an estimated $30 billion each year.
Traditionally, individual retailers reported thefts to local law enforcement, but no uniform method of tracking these crimes across jurisdictions existed. Based on the concerns of the retail industry and the FBI, Congress passed legislation signed by the President in January 2006 that required the Attorney General and the FBI, in consultation with the retail community, to establish a task force to combat organized retail theft. The task force, initiated in 2006, is currently staffed by DOJ and FBI personnel and has worked closely with the NRF and the RILA to build LERPnet. Read more at fbi.gov.
Definition:
Small claims courts resolve disputes involving claims for small amounts of money. While the maximum amounts that can be claimed or awarded differ from state to state, court procedures generally are simple, inexpensive, quick and informal.
Annual Percentage Rate (APR)
Definition:
The cost of credit expressed as a yearly rate.
Balloon Payment
Definition:
A large extra payment that may be charged at the end of a loan or lease.
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