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goudah2424

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26th October 2011

Anonymous said:

Hey Goudah. I was looking at your list of state laws towards internet payday loans and I have a reply from the Dept. of Consumer Resources about them and some new amendments. could you read these and break them down for me and others. It looks like they are no longer allowed but I am not very "legalese" educated. :) I think you need to read from bottom up but I am not sure. I hope it is not too hard to follow.

SB 3103 by *Marrero B (*HB 3112 by *Richardson, Jones S, Stewart, Fitzhugh, Brown, Pruitt, Towns, DeBerry J, Jones U, Miller L, Favors, Odom, Cobb T, Ferguson, Turner M, Moore, Sontany) Banks and Financial Institutions - As introduced, prohibits a payday lender from providing loans to borrowers via the Internet, regardless of whether the lender is located inside or outside Tennessee. - Amends TCA Title 45

does this change the standing of Tennessee?

chriserika94

Posts: 4
Credits: 187

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Sub: #140 Answer from Tennessee
Replied on Yesterday, 05:35 AM

I asked the same question to Tennessee Consumer Affairs as the question asked to Kentucky above, I borrowed said question from above, and this is the response I got. I think I understand it but if domineering with more legaleeze than me could put it in less wording than they did it would be greatly appreciated.
On Mon Oct 24th, 2011 11:29 AM CDT TDFI ConsumerResources wrote:
>Mr M,
>
>Thank you for your inquiry.
>
>Deferred Presentment Service lenders, or payday loan companies, are regulated by this Department pursuant to the Tennessee Deferred Presentment Services Act ("Act") found in Tennessee Code Annotated ("TCA") Title 45, Chapter 17. (TCA 45-17-101 et seq.)
>
>The original Act was passed by the Tennessee General Assembly in 1997. The Act stipulated that Deferred Presentment Services lenders that were licensed by the Department had to have a "brick and mortar" location inside the state of Tennessee and the transactions were dictated by the presentment of a physical check instrument that would be deferred or held for deposit until the borrower had the opportunity to repay the obligation under the terms of the Deferred Presentment, or payday loan agreement.
>
>The provisions of the original Act were recently amended with the passage of Senate Bill 1557 by the Tennessee General Assembly in early May 2011. This became law and was published in Public Chapter 205 when it was signed by Governor Haslam on May 20, 2011. Here is a link to Public Chapter 205 for your reference: http://state.tn.us/sos/acts/107/pub/pc0205.pdf
>
>Therefore, any Internet payday lender and the transactions they make would be subject to the Department�s regulatory authority, if the account was opened after the May 20, 2011 amendment date. Unfortunately, we would not have any jurisdiction on an Internet payday transaction that was opened prior to the amendment date. In those situations, it is recommended to discuss the matter with private legal counsel to determine your rights and any possible remedies.
>
>If you do not have an attorney or obtain a satisfactory referral to an attorney from your present contacts, you may want to call the Tennessee State Bar Association (615-383-7421) or, your local bar association to inquire about any lawyer referral service the bar association may offer.
>
>If you cannot afford an attorney, you may want to inquire whether you are eligible for free legal services by contacting the Legal Aid Society of Middle Tennessee and the Cumberlands. Their telephone number is 800-238-1443.
>
>Please let us know if we can be of any further assistance on this topic.
>
>
>Consumer Resources Division
>Tennessee Department of Financial Institutions
>414 Union Street, Suite 1000
>Nashville, TN 37219
>800-778-4215
>615-253-2023
>615-253-7794 (Fax)
>[cid:image001.jpg@01CC9240.3BDB93F0]
>
>CONFIDENTIAL WORK PRODUCT-DO NOT DISSEMINATE
>
>THE INFORMATION CONTAINED IN THIS E-MAIL IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY NAMED ABOVE. IF THE READER IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE TO DELIVER IT TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION, OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY ME IMMEDIATELY BY TELEPHONE AT THE NUMBER ABOVE AND PERMANENTLY DELETE THE MESSAGE FROM YOU SYSTEM.
>
>RECEIPT BY ANYONE OTHER THAN THE INTENDED RECIPIENT IS NOT A WAIVER OF ANY INVESTIGATIVE PRIVILEGE, ATTORNEY-CLIENT PRIVILEGE, WORK PRODUCT IMMUNITY, OR ANY OTHER PRIVILEGE OR IMMUNITY.
>
>
>
>
>
>From: chriserika94@yahoo.com [mailto:chriserika94@yahoo.com]
>Sent: Monday, October 24, 2011 10:24 AM
>To: TDFI ConsumerResources
>Subject: Internet payday lenders
>
>
>Tennessee State Information
>
>Legal Status: Legal
>
>Citation: Tenn. Code Ann. Â§45-17-101 et seq.
>
>Loan Terms: Maximum Loan Amount: $500 Loan Term: Max: 31 days Maximum Finance Rate and Fees: the lesser of 15% of the check or $30 Finance Charge for 14-day $100 loan: $17.65 apr for 14-day $100 loan: 459%
>
>Debt Limits: Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee) Rollovers Permitted: None (cannot renew or otherwise consolidate) Cooling-off Period: Repayment Plan:
>
>Collection Limits: Collection Fees: One $30 NSF Fee; Court Costs Criminal Action: Prohibited
>
>Where to Complain, Get Information: Regulator: Tennessee Department of Financial Institutions Address: 511 Union Street, Suite 400 Nashville TN 37219 Phone: (615) 741-2236 Fax: (615) 532-1018 Regulatory Contact: Bart Daughdrill,
>
>
>To Whom It May Concern:
>
>I have a question regarding internet payday lenders. I have visited the Department of Financial Institutions site and found some information. However, I am still a little confused.
>
>I understand that storefront payday lenders are legal in the state of Tennessee and have printed out the laws applying to them. However, there is nothing regarding internet payday lenders.
>
>I did a search on the site to see if some internet payday lenders were licensed in Tennessee. No results came up for any of them. If the case is that an internet payday lender is not licensed in the state of Tennessee, what then?
>
>Internet payday lenders are claiming they do not have to comply with Tennessee state law. They claim they comply with the law in which they are located.
>
>If they are not licensed in the state of Tennessee to fund loans, are they not in violation of some sort of law?
>
>Any help in this matter would be greatly appreciated. At the very least, it might clear up my confusion.
>
>Thank you so much for your attention in this.
>
>C.M.
>
>Sent from my Verizon Wireless Phone

24th July 2011

Anonymous said:

I would like to receive a list of the banks that do not use check systems. My daughter has a negative remark on her record from when Chase bank bought Washington Mutual and they will not remove it.

24th July 2011

Anonymous said:

24th March 2011

yela said:

How do I know if a collection company is legitimate. Had 3 calls this week telling me they had papers ready to serve me. These are all old PDL from 2-3 years ago, but have been laid off, could not pay, now they are threatening me with serving papers. I am finding one of them , a web page on line, but not very detailed, could be a cover? One is Federal check recovery out of Lawrenceville, Ga phone number888-778-6049, one was Southwest group, Alternative Dispute , out of Arizon phone number 877-277-7535 and last was United claims services out of New York phone number 866-754-5354. I can start taking care of these, I was stupid and gave bank info out of fear,but have a few days to cancel and contact bank if they are not legitimate.I just dont want to have them show up. If I make the payments to all of these I will be force to short pay car payment and other bills I need to take care of Help Me someone?

17th July 2009

holly_greeneyes2002 said:

Hi there! I have a few questions for you, after reviewing alot of the forums and the top advisors, I need to ask you - have you got any laws on WI? And if I closed an account with all PDLs returned and my balance in the positive and opened a new account, would I still be able to write checks and what is it I hear about the Telecheck...? It is a dif. account

13th July 2009

JNCA209 said:

Hi, is there a website or way that I can find out easily whether the two lenders with whom I have loans are legal in CA? One is PDL Ventures and the other is Ameriloan. They were internet based transactions.

12th July 2009

cutenessqueen said:

Hi, Goudah! I am not sure if you are still participating in this site but if you are, will you please help me or guide me where I can get some help, please? I am in NYS but don't really understand a lot of what I have read. THANK YOU!

29th June 2009

tonysag1 said:

Hi Goudah,I'm in NY and have about 12 PDL's. I am in the process of closing my checking account. I do not know what the next step I should take. Should I contact them with a letter and tell them that I have satisfied the loans with the finance charge. I contact the NYS AG and all they said was we will send you a form and get back to you in 4-6 weeks. Meanwhile the harrassing phone calls continue. The person I spoke to said that PDL's are legal and I signed a contract and that I'm obligated to abide by them. Could you please give me some info. My email address is tonysag1@aol.com.

17th June 2009

tsacgiv said:

HELLO GOUDAH2424.

11th June 2009

gatherround123 said:

Hi, Goudahyou seem to be one of the most knowledgable on this site... I am wondering if I contact my bank and tell them not to fullfill ach's to the following internet company's if you think I would have any problems... I live in Virginia so internet PDL are illegal... I bank with BB