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 Posted: Tue Jan 16, 2007 9:05 am |
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This is a letter i received from the state of oklahoma department of consumer credit it was sent to both companies and myself...i live in illinois..sorry did not have a scanner to scan document
| Quote: | this loan in question for valarie does not meet the requirements to be classified as a deferred deposit loan therefore it would be a supervised loan even though the documents are not in compliance with the oklahoma uniform consumer credit code(uccc. Section 3-501 of the uccc defines "supervised lender" as a consumer loan in which the rate of loan finance charge exceeds 10% apr. Section 3-502 of the uccc states unless a person is a supervised financial organization or has first obtained a license from the administrator authorizing the persom the make supervised loans, a person shall not engage in the business of (a) making a supervised loan; or (b) taking assignments and unertaking collection of payments from or enforcement of rights against debtors arising from supervised loans. In addition to "civil and criminal penalities", "{ under section 5-202.2 of the uccc, if a creditor has violated the provisions of this act applying to authority to make supervised loans (section 3-502) of this title, the loan is null and void and the debtor is not obligated to pay either the principal or loan finance charge. If he has paid any part of the principal or loan finance charge, he has a right to revocer the payments or enforcement of rights arising from the debt,} the administrator may initiate admistrative action against an unlicensed person as if the person held a license if the persopn is found to be engaging in the business of making supervised loans.
The department of consumner credit hereby considers this a "notice of cease and desist" (by first class mail) to mte financial services. Do not make any loans in this state of oklahoma until and unless a supervised lender license if first obtained as prescribed by statue.
James l snell
Consumer credit examiner |
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v_padgett
Joined: 01 Dec 2006
Posts: 85
Debtcc Points: 2425
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| Posted: Tue Jan 16, 2007 9:07 am |
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HA HA!!! I also got one from the same Examiner!! We are on a roll!!
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scotch
Debt Samaritan
Joined: 21 Sep 2006
Posts: 171
Debtcc Points: 3332
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| Posted: Tue Jan 16, 2007 9:08 am |
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how long ago did you receive yours?? has anything been done with it??
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v_padgett
Joined: 01 Dec 2006
Posts: 85
Debtcc Points: 2425
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| Posted: Tue Jan 16, 2007 10:07 am |
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i would like to see them all have to cease and desist they prey on people's misfortune.....
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candiceann2003
Joined: 13 Jan 2007
Posts: 90
Debtcc Points: 10452
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| Posted: Tue Jan 16, 2007 1:47 pm |
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I received mine last Thursday. I wrote them an email and sent a copy of the letter also to make sure they can't say they didn't receive it. I also told them I wanted a refund on interest that was overcharged. Of course, they didn't answer me but now that I know someone else has received one I am going to continue to email them. I'm going into their website and sending and email from there today. I'm not letting up on them and I hope everyone else here takes a stand against them too!
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scotch
Debt Samaritan
Joined: 21 Sep 2006
Posts: 171
Debtcc Points: 3332
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| Posted: Wed Jan 17, 2007 6:17 am |
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Wow, that's great news 
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CowampChicken
Joined: 20 Dec 2005
Posts: 3681
Debtcc Points: 36192
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