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 Posted: Wed Sep 12, 2007 12:36 pm |
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How do I find out if a company is licensed. Magnum Cash Advance is supposed to be in Delaware. Why don't they come up as licensed on the state website? Am I doing something wrong. Magnum's website states that they are licensed in Delaware.
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Guest
Debtcc Points: 100
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| Posted: Wed Sep 12, 2007 3:38 pm |
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Hi and welcome to the site. Thank you for your question and for listing what state you are in. Since I do not know how to post that infomation for you state, someone will be along shortly to help you.
thanks,
Luke
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Lukeskywalker
Joined: 19 May 2007
Posts: 1908
Debtcc Points: 16266
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| Posted: Wed Sep 12, 2007 4:05 pm |
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This company may not be licensed in most of the states. Check this company with the DFI of your state and know if they are a legit business.
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BKP
Joined: 19 Oct 2005
Posts: 242
Debtcc Points: 3532
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| Posted: Wed Sep 12, 2007 4:13 pm |
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Here are the laws for DE:
| Quote: | Legal Status:
Permitted under small loan act or licensing law
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($1000 aggregate loans outstanding to all licensees)
Rollovers Permitted: Four (rollovers)
Collection Limits:
Where to Complain, Get Information:
Regulator: Delaware Office of the State Bank Commissioner
Address: 555 E. Loockerman Street Suite 210 Dover DE 19901
Phone: (302) 739-4235
Fax: (302) 739-3609
Regulatory Contact: , Administrator, Non-Depository Institutions and Compliance
http://www.state.de.us/bank/
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If you go to your Attorney General's web page there should be a link to the financial institution regulation (some states call it the DFI)that is where you can usually find licenses..However check your contract, it is possible they could be liensed under a different name???
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