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 Posted: Tue Oct 23, 2007 9:34 am |
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What are you rights under the indiana laws for store front and internet payday loans?
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bcperry_2000
Joined: 23 Oct 2007
Posts: 1
Debtcc Points: 132
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| Posted: Tue Oct 23, 2007 9:38 am |
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| Quote: | Indiana State Information
Legal Status: Legal
Citation:
Ind. Code Ann. ยง 24-4.5-7-101 et seq.
Loan Terms:
Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost
Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South M Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit
Regulator Website
http://www.in.gov/dfi/ |
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38905
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| Posted: Tue Oct 23, 2007 9:40 am |
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If you give us a bit more info I am sure that we can help you.
Who have you borrowed from?
How much is each loan?
What have you paid back in total to each lender?
Which are store front and which are internet?
After we get this info we can help you with your loans
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38905
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| Posted: Tue Oct 23, 2007 8:15 pm |
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PLease give us the info that Kash asked for and we can help you form there. Internet loans in Indiana must be licensed by the state, especially after 07/01/07. I am in Indiana and the AG office was able to help me mediate closure with 6 out of the 8 ipdls I filed complaints on. YOu can also get help in this manner from the BBB. Post any questions you may have and we will be glad to help you.
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If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Wed Oct 24, 2007 5:59 am |
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Ok-what about us fast cash....gf lives in Indiana and she took out a loan with USFAST Cash. The loan was made toward the end of July. They are offering her a settlement offer of $ 175.00 that MUST be made by moneygram. Does she HAVE to pay with a moneygram? The response from the BBB from them was that it must be paid with a moneygram only and this was their final offer. If the settlement offer is not paid by 11/2/07 they will go for the balance they want which is $ 400.00.
| Quote: | Better Business Bureau of Eastern Oklahoma
Dan Wade
Fax# 918-492-1276
Mr. Wade:
Again:
Any legal questions must be directed to our Legal Dept, thru us mail, at the address listed at the website for the BBB.
We will extend her due date till 11/02, but it must be paid via MONEYGRAM, WE WILL NOT ACCEPT DEBIT OR CREDIT CARD DUE TO THE DISPUTE THAT CAN OCCUR WITH CUSTOMERS MAKING COMPLAINTS, THIS IS OUR FINAL OFFER.
This must be paid via Moneygram, instructions as follows:
Moneygram: (available at most Wal-mart's)
Pay to: USFastCash
Receive Code: 4307
City/State: Miami, OK
Account: 74370239
If the reduced balance is not paid by this date, the collection process will continue per the contract signed, for the full amount due.
Thank you for your time and consideration in this matter.
Respectfully,
Compliance Department
CC/File |
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~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2045
Debtcc Points: 22599
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| Posted: Wed Oct 24, 2007 8:01 am |
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Regarding the new Indiana laws if this is a internet payday loan...and USFastCash does not have a license in the state of Indiana..this loan is not legal and the consumer does not have to pay the principal or the interest. You can look that up on the Indiana Department of Financial Institutions website. Send a copy to BBB of Oklahoma also. This law went into effect on July 2007. Your friend can do what she feels comfortable with...but she has Indiana laws on her side.
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laura19544
Joined: 13 Aug 2007
Posts: 458
Debtcc Points: 6507
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| Posted: Wed Oct 24, 2007 8:21 am |
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apparently she has been going back and forth with the responses to them reguarding this loan. She told them that she would pay on 11/2/07 but now shes thinking about the new IN laws that she will not pay them. How would she go about responding to the BBB. I told her good luck on that one. It might be hard since she did tell them she would pay them back.
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2045
Debtcc Points: 22599
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| Posted: Wed Oct 24, 2007 9:02 am |
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Tweety...If I were in your friends situation..I would send copies of Indiana's small lending laws to the BBB..and explain to Mr. Wade that this IPDL was in violation of state laws when they granted the loan to her. If she wishes to re-pay her loan I would tell USFastCash that I'm sending it by money order..take it or leave it. Someone else may come along on this website and have a better response...but this is what I'd do.
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laura19544
Joined: 13 Aug 2007
Posts: 458
Debtcc Points: 6507
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| Posted: Wed Oct 24, 2007 7:12 pm |
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tweety, laura is right. Your friend is using the BBB as a "go between" for her and USFastCash. She can respond back to the BBB stating that she just found out the new Indiana law, blah, blah, blah, and that she in all actuality she is not legally obligated to pay anything at all. Since they are still going back and forth with the BBB, she can always send in a response and she can always "change her mind". That's what they're there for. And, remind your friend that USFastCash is unlicensed/illegal to begin with. And now Indiana has this law? She has every right to say "Never mind. My state law says such&such and I don't owe a damn thing." Okay, she might want to leave out the "damn" part.....
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9375
Debtcc Points: 124818
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| Posted: Thu Oct 25, 2007 5:42 am |
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I sent her the copy of IN laws on payday loans...I can not find on the DFI where those laws are located?
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2045
Debtcc Points: 22599
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| Posted: Thu Oct 25, 2007 8:18 am |
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tweety, do you mean the "new law" that went into effect? You want a copy of that to print out? I know morningstarr posted a link to it somewhere (?). Hang on and I'm sure she'll be on later and can get that to you. 
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cannr
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| Posted: Thu Oct 25, 2007 8:21 am |
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Well, she gave me a copy of it but I was looking on the DFI website to find it and print it out so it looks "legal" 
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Guest
Debtcc Points: 100
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| Posted: Thu Oct 25, 2007 8:23 am |
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oops! that was me..........forgot to sign in....
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2045
Debtcc Points: 22599
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| Posted: Thu Oct 25, 2007 8:39 am |
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If you type in NOTICE TO UNLICENSED INDIANA LENDERS WHO...in your browser. You should find a listing for it...that is how I found mine. When you log-in it comes up on Adobe Reader and has a letter by a Mark Tarpey (if I remember right) and it has State of Indiana letterhead. Looks official to me! I use Netscape search engine. I hope it works for you..I could not find in on the DFI website either..but it must be there. Maybe someone will come along and give you a better way to get it...
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laura19544
Joined: 13 Aug 2007
Posts: 458
Debtcc Points: 6507
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| Posted: Thu Oct 25, 2007 8:48 am |
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Tweety...you friends letter from the BBB stated that legal questions have to be directed to USFashCash's legal department. If they have a legal department they should be up on the new laws and not be making loans in Indiana...don't you think???
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laura19544
Joined: 13 Aug 2007
Posts: 458
Debtcc Points: 6507
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| Posted: Thu Oct 25, 2007 8:53 am |
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This is true but who knows with these crooks!......
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2045
Debtcc Points: 22599
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