Key facts
- Unlock Technologies will treat home equity agreements as consumer credit under Colorado law.
- Unlock Technologies will pay restitution to affected homeowners in Colorado.
- Unlock Technologies will comply with Colorado state licensing and disclosure rules.
- John Deere has settled with the FTC and several state attorneys general.
- John Deere will allow farmers and independent shops to repair their own equipment.
- The John Deere settlement mandates access to diagnostic and repair tools.
- The John Deere agreement addresses complaints about restricted repair services.
Unlock Technologies has agreed to a settlement that will bring its home equity agreements under Colorado's consumer credit laws. The Colorado attorney general’s office announced that Unlock will pay restitution to homeowners affected by its practices and will comply with state licensing and disclosure requirements. This agreement signifies a shift in how Unlock's home equity products will be regulated within the state.
In a separate development, John Deere has reached a settlement with the Federal Trade Commission (FTC) and several state attorneys general. This agreement mandates that John Deere must allow farmers and independent repair shops to service their own equipment. The settlement addresses years of complaints from consumers and independent technicians regarding the company's restrictive repair services. A key component of the agreement is the requirement for John Deere to provide access to diagnostic and repair tools necessary for independent servicing.