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 Posted: Tue Nov 20, 2007 9:18 pm |
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| Quote: | Delaware State Information
Legal Status: Permitted under small loan act or licensing law - Legal
Citation:
Del. Code Ann. tit. 5 § 2227 et seq.; Del. Code. Ann. tit. 5 § 2744
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)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees:
Criminal Action:
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/ |
I still do not quite understand all this mumbo jumbo,can someone explain what I quoted below exactly means?
| Quote: | Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($1000 aggregate loans outstanding to all licensees) |
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tinabarr
Joined: 15 Nov 2007
Posts: 68
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| Posted: Wed Nov 21, 2007 5:03 am |
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That means that the total amount of loans outstanding to one individual cannot exceed 1000.00 total by all the lenders licensed in the state combined. Many payday lenders have mail drops in Delaware to be licensed there because there laws are weak and vague. There would be know way a lender would know how many loans and for how muc a person has unless they are connected to a data base in Delaware if one does exist.
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frogpatch
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Joined: 09 Apr 2007
Posts: 3709
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| Posted: Wed Nov 21, 2007 6:14 am |
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| Quote: | That means that the total amount of loans outstanding to one individual cannot exceed 1000.00 total by all the lenders licensed in the state combined. Many payday lenders have mail drops in Delaware to be licensed there because there laws are weak and vague. There would be know way a lender would know how many loans and for how muc a person has unless they are connected to a data base in Delaware if one does exist.
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Does that mean the total amount that you borrow per lender or does this include the fees that are tacked on as well? The reason why I am asking is because I have loans with PAYDayOk, PayDayOne, and PaydaySelect and when I sent my certified letters out I noticed that all 3 of these have the same address in Delaware, just different names.
After reading that I started thinking I broke the law by having 3 PDL's with these companies,as I said I did not realize that these 3 companies were basically owned by the same people when I took out the PDL's
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tinabarr
Joined: 15 Nov 2007
Posts: 68
Debtcc Points: 2195
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| Posted: Wed Nov 21, 2007 6:26 am |
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The total of the outstnding balances cannot exceed 1000.00 dollars. If you owe 600.00 on one loan and 400.00 on another a third lender is not permitted to give you a loan. If you have over 1000.00 in loans from the same company that company has broken the law. That address you have is for Mailboxes etc. most likely. It does not mean they are all the same company. You did not break any laws.
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frogpatch
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| Posted: Wed Nov 21, 2007 6:58 am |
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I think the Ohio laws says something like this also, but I don't think any of them have a database to check, or they don't check it, if they did so many of us wouldn't have been able to get so many loans at once, and the PDLS would then not get their money. I know I did this but I've often wished there was such a way for a lender to say NO, you already have one loan with "so and so" then I would have been forced to work out a payment plan with the first lender and I would have never gotten into this mess.
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Lren0318
Joined: 29 Oct 2007
Posts: 186
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| Posted: Wed Nov 21, 2007 8:03 am |
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DE doesn't have a database. They depend on the customer to tell the truth on the application. So if you didn't write that you had other loans out, it would be your fault, not the companies. If you did write that you had X amount of other loans out, then it would be the companies fault.
BTW - Payday One, Payday OK, and Payday Select are all owned by the same company. They are one of the easiest ones to get a PIF from.
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goudah2424
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| Posted: Wed Nov 21, 2007 8:41 am |
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Goudah, how does it work if they don't even ask? Most of these internet lenders do not ask, so I'd imagine it is not tina's fault because there was not place for her to either tell the truth or lie....
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pokogeo
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| Posted: Wed Nov 21, 2007 8:58 am |
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You would think that if all these companies were the same that they would know that she had other loans with them. Goudah is right, now that I go back and look. They are the easiest to get PIF with. I even got a refund from one of them.
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frogpatch
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