![Not BBB accredited](https://m.bbb.org/terminuscontent/dist/img/non-ab-icon__300w.png?tx=w_120)
Business ProfileforFanfaire, Inc.
Additional business information
December 12, 2022 The following describes a settlement that has been formally brought by a government agency. The Department of Financial Protection and Innovation alleges, and charges as follows:
Fanfaire manages fan clubs for fans of the Los Angeles Rams football team. It sells stadium seat licenses (SSLs) for football games and events in SoFi stadium. Some license purchasers chose to finance their purchase of SSLs over time. These financing agreements are made with Fanfaire using simple interest retail installment contracts.
he Department of Financial Protection and Innovation (Department) received a complaint from a Los Angeles Rams SSL holder which alleged that the complainant had encountered difficulties in prepaying the remaining balance on the retail installment contract that financed the purchase of their SSLs and that the payoff amount the complainant was quoted by Fanfaire did not appear to be correct. Nevertheless, the complainant paid the quoted payoff amount to Fanfaire.
Fanfaire responded to this complaint, indicating that it had miscalculated the payoff amount the complainant owed, resulting in an overcharge. Fanfaire later discovered that this error affected 36 SSL holders, including the complainant, resulting in overcharges totaling over $769.53. Fanfaire contends that this error was caused by an inadvertent mistake in a formula, which only occurred in limited circumstances. Specifically, this overcharge only occurred if (and only if) the customer's payoff date was between February 24 and February 28. Immediately upon discovering these overcharges, Fanfaire issued refunds to
the affected customers.
Based on the above, the Commissioner is of the opinion that Fanfaire has violated the Unruh Act, specifically Civil Code section 1806.3, by overcharging customers for prepayment of simple interest retail installment sales contracts. Based on the above, the Commissioner is of the opinion that Fanfaire is a "covered person" under the CCFPL because it has engaged in offering or providing consumer financial products or services to California residents, to wit, extensions of credit and servicing of extensions of credit.
Based on the above, the Commissioner is of the opinion that Fanfaire has engaged in unlawful acts or practices (through its above-stated violations of the Unruh Act) with respect to consumer financial products or services in violation of Financial Code section 90003(a)(1).
The Commissioner finds that entering into this Settlement Agreement is in the public interest and consistent with the purposes and provisions of the CCFPL. Fanfaire neither admits nor denies the Commissioner's Findings and Conclusions of
Law above. Fanfaire enters into this Settlement Agreement in an effort to compromise and to
further the interests of its loyal fans and customers.
To access the full Department of Financial Protection and Innovation press release, please visit: https://dfpi.ca.gov/wp-content/uploads/sites/337/2022/12/Admin.-Action-Fanfaire-Inc.-Settlement-Agreement.pdf?emrc=495a44
At-a-glance
Related Categories
Business Details
- Location of This Business
- Pacific Palisades, CA 90272-4630
- BBB File Opened:
- 1/12/2023
- Business Management
- Bornstein, Alan, CEO
- Contact Information
Principal
- Bornstein, Alan, CEO
Customer Contact
- Bornstein, Alan, CEO
Customer Complaints
0 Customer Complaints
Need to file a complaint? BBB is here to help. We'll guide you through the process. How BBB Processes Complaints and Reviews
File a ComplaintBBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.