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Posted: Thu May 17, 2007 1:13 pm

Anyone familiar with the laws for payday loan companies in Florida? I am searching for information but keep getting nowhere. Also, if payday loans are done over the web, are the companies bound by our state laws or are we bound by the laws of the location of the payday companies??

Posted: Thu May 17, 2007 1:22 pm

Go to this link for the payday loan laws in FL.

http://www.debtconsolidationcare.com/florida/paydayloan-help.html

The pdl company must be a licensed in your state and should follow the laws of your state before lending.

Which companies do you have the loans from?

Posted: Thu May 17, 2007 1:57 pm

http://www.flofr.com/licensing/DeferredPresent.htm

I have an email into the FLDFS for a clarification of this. It does not dirctly address out of state lenders but I interpret it to mean any who does business here must be licensed here and therefor subject to the laws in Florida. I will post the answer if and when I get it.

Posted: Thu May 17, 2007 2:09 pm

Bridget,

I have loans with CashnetUSA, Rio Resources, and VP Funding. Do you know if a payday loan can garnish your wagers? Also, do you know how I find out if they are licensed here?

Posted: Thu May 17, 2007 2:15 pm

Cashnet USA is supposed to licensed in every state they do business in. I just paid off a loan with them. I believe they are legit. I also have a loan with VC Funding, and my loan is probably in default, but I haven't heard anything from them yet. Rio Resources has several DBA's such as United Cash Loans and One Click Cash. I am dealing with One Click Cash now. I hear that they are a pain. None of them are licensed in Florida except Cashnet USA I think.

Posted: Thu May 17, 2007 2:27 pm

Check with your state dept of financial institutions for any company's licensing info. The legit ones should be listed in your state. And then only they can garnish your wages when you default. A company not having a legal business does not have rights to deduct wages.

Posted: Thu May 17, 2007 2:29 pm

You can look at your state's Financial Department's website and they should have a licensee database . . . .

Payday loan companies can't garnish your wages without a court order. But they can and do put clauses into the contract saying that you give them permission to "assign" your wages in the event of a default. This is completly voluntary. All you have to do to prevent this from happening is send them a letter certified mail that says "I revoke any and all wage assignments I may have signed with XX company." Keep a copy in case you need proof that the wage assignment was revoked.

Posted: Thu May 17, 2007 2:32 pm

That's what I did with all of mine.

Posted: Fri May 18, 2007 4:54 am

Florida is a non garnishment state. If you can claim "head of household" they can garnish 25 percent of you salary but only with your written permission. It is virtually impossible in the state of Florida to involuntarily collect on an unsecured loan from what I have read.