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Posted: Mon May 08, 2006 9:26 pm Subject: Wisconsin laws

anyone know the wi laws? also if a payday lender isn't licensed in your state, what does that mean? does it mean that's a way out of paying them? or what if you've been paying for longer than a yr.?

Posted: Mon May 08, 2006 9:42 pm Subject:

http://www.wdfi.org/fi/lfs/faq.htm#otherstatutes

Here's a link to a FAQ on the WI banking dept's website. Has links to the law (138.09).

To check on license status,

http::/www.wdfi.org/apps/cris/

search corporate records database.

WI does not have an interest rate cap on closed end loans, which is what a pdl would fall under. If the company isn't licensed, and is required by WI law to be licensed, then to the state of WI the contract is void. I would contact the WI Dept of Financial Institutions for more info.

Posted: Tue May 09, 2006 10:29 am Subject:

Hi Olive

The licensing authorities in your state have a record of all the businesses licensed in your state. If some payday loan company is doing business without a license, it results violation of the state law. You can report their conduct to the attorney general office in your area and put them under investigation.

Which payday loan company are your dealing with?