| Message |
Author |
 Posted: Wed Jan 17, 2007 10:17 am |
|
|
I was checking out my PDL's in the BBB'S website and this is what I found....
| Quote: | Government Actions
Per a July 6, 2006 press release, Americash Loans, LLC became the target of a simultaneous action taken by the Blagojevich Administration and Illinois Attorney General Lisa Madigan under the Payday Loan Reform Act (PLRA). In its order assessing a fine of $190,000 against the lender, the Illinois Department of Financial and Professional Regulation (IDFPR) charged that Americash Loans issued loans that meet the legal definition of "payday loans", but failed to comply with the terms of the PLRA, and ignored the required consumer protections.
During a routine examination of Americash's store, IDFPR found significant violations of the PLRA. As a result, the Department brought them to the attention of the Attorney General's office. The Attorney General, working with IDFPR, filed a complaint seeking injunctive relief with the Circuit Court of Cook County to enjoin the firm from continued violations of the law. The Illinois Department of Financial and Professional Regulation has likewise charged Americash with violating the consumer protections created under the PLRA. During a regularly scheduled inspection of Americash's loan offices in Springfield, IDFPR examiners found that the lender had issued 19 loans of less than 120 days that accepted a wage assignment as security for the loan and had interest rates of 521% -- 28 % higher than the rate allowed under the PLRA. |
|
|
candiceann2003
Joined: 13 Jan 2007
Posts: 90
Debtcc Points: 10452
|
|
|
| Posted: Wed Jan 17, 2007 10:33 am |
|
|
could someone please tell me how to check the liscensing of these pdl's or maybe post the link for illinois....i went to the AG's website but cannot find it.
|
|
candiceann2003
Joined: 13 Jan 2007
Posts: 90
Debtcc Points: 10452
|
|
|
|
Howard
Joined: 30 Oct 2006
Posts: 312
Debtcc Points: 4766
|
|
|
| Posted: Sun Jan 21, 2007 3:42 am |
|
|
thanks howard
|
|
candiceann2003
Joined: 13 Jan 2007
Posts: 90
Debtcc Points: 10452
|
|
|
| Posted: Sun Jan 21, 2007 9:02 am |
|
|
The link posted above is actually to the Division of Banking, and is geared more toward banks & trust companies and mortgage lenders.
Payday loans would fall under the Consumer Credit Section of the Dept of Financial Institutions: http://www.idfpr.com/dfi/ccd/ccd_licensees.asp
|
|
DebtCruncher
Moderator
Joined: 07 Nov 2006
Posts: 1553
Debtcc Points: 17497
|
|
|
| Posted: Sun Jan 21, 2007 1:55 pm |
|
|
Candace,
From what you were saying in an earlier thread about these people, I KNEW something sounded fishy!! That's great news and thanks for sharing. Let us know how it affects your personal dealings with them in paying your loan off, OK?
|
|
kscornell
Moderator
Joined: 22 Jul 2006
Posts: 3603
Debtcc Points: 32830
|
|
|
