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 Posted: Tue Sep 18, 2007 3:56 pm |
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I know the PDL laws for Delaware except for one thing. Are they one of the states that follow just their rules or are they ones that follow the laws of the state the PDL is licensed in?
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pybasj
Joined: 08 Aug 2007
Posts: 826
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| Posted: Tue Sep 18, 2007 5:40 pm |
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Good question, not sure, but you have come to the right place and someone with advise on this will be along soon. Untill then, welcome to the site and please click on the "free consultation" button that is just to the right of this post.
all the best,
Luke
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Lukeskywalker
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| Posted: Wed Sep 19, 2007 9:40 am |
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I am not sure but I have a sinking feeling that they follow the rules of their state. Could be wrong, wouldn't be the first time. Someone with more experience will be along.
ladybug
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ladybug
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| Posted: Wed Sep 19, 2007 9:50 am |
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I have an email into the DE DFI to see what they say about it.
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goudah2424
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| Posted: Wed Sep 19, 2007 1:21 pm |
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Thanks Goudah.
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pybasj
Joined: 08 Aug 2007
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| Posted: Wed Sep 19, 2007 10:11 pm |
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Keep us posted goudah, I am not sure I want to hear the answer to that question but we need to know.
ladybug
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ladybug
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| Posted: Fri Sep 21, 2007 7:03 am |
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| Quote: | From: Hoffecker Carole (BCO) [mailto:carole.hoffecker@state.de.us]
Sent: Friday, September 21, 2007 4:55 AM
To:
Subject: RE: Payday Loan Question
Dear,
In response to your e-mail, Delaware has a safe harbor of 5 loans in a twelve month period and which is viewed as not conducting business. Therefore, a license would not be required. However, should a lender do more than the five loans a license would be required even if they are an internet based.
I trust this is responsive to your concerns. However, if you have any questions, please feel free to contact me.
Sincerely,
Carole |
So if they are doing more then 5 loans a year they would have to be licenesed by DE.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
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| Posted: Fri Sep 21, 2007 7:05 am |
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Is that 5 loans to a single person or 5 loans to multiple people?
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pybasj
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| Posted: Fri Sep 21, 2007 7:10 am |
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5 loans period. If they make 5 loans to DE residents within a year, they must be licensed.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
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| Posted: Fri Sep 21, 2007 7:16 am |
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How do we find that out? Or can we assume that Payday Select gived De more than 5 loans?
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pybasj
Joined: 08 Aug 2007
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| Posted: Fri Sep 21, 2007 7:20 am |
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I would say it's a pretty safe bet that they did . . . . You could file a complaint and the DFI would investigate. The could get the records to confirm.
But Payday Select is licensed in DE.
| Quote: | Name: PayDay Select of Delaware, LLC
License #: 2001665
Address: 42 Read's Way Suite C
City: New Castle
State: DE
Zip Code: 19720
Branch: No |
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
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Posts: 8007
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| Posted: Fri Sep 21, 2007 7:22 am |
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As is Payday OK and Payday One, their other "companies".
| Quote: | Name: PayDay OK of Delaware, LLC
License #: 2002014
Address: 42 Read's Way Suite B
City: New Castle
State: DE
Zip Code: 19720
Branch: No |
| Quote: | Name: PayDay One of Delaware, LLC
License #: 2002052
Address: 42 Read's Way Suite A
City: New Castle
State: DE
Zip Code: 19720
Branch: No |
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
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Posts: 8007
Debtcc Points: 111635
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| Posted: Fri Sep 21, 2007 7:28 am |
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Okay thanks for the clarification. This person ad several different PDLs and paydayselect was the one I could remember off the top of my head. I remembered they wre licensed somewhere but could not remember where. Goudah to the resaue again!
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pybasj
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