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 Posted: Wed Aug 15, 2007 7:48 am |
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Where can I get a copy of that above post from Joshua?
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When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
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| Posted: Wed Aug 15, 2007 9:04 am |
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tweety, it's on this thread. I'm just copying and pasting it for you.
I remember reading on the forums that as of July 1, even the internet ones have to licensed in IN, or they are considered null and void. So if they are unlicensed, they cannot take someone to court because techincally and legally there is nothing for them to collect.
Quote:
| Quote: | NOTICE TO UNLICENSED INDIANA LENDERS WHO ARE SOLICITING
BUSINESS IN INDIANA
Investigation by the Indiana Department of Financial Institutions (“Department”) has
determined that your company is among several unlicensed entities making or offering
consumer loans to residents of Indiana via the internet.
Depending on the type of loan being offered, your company is in violation of IC 24-4.5-
3-502 and/or IC 24-4.5-7-102. These statutes reference consumer loans, and/or Small
Loans (commonly referred to as “Payday Loans”) and require a license issued by this
office in order to make these consumer loans.
During the recently concluded session of the Indiana General Assembly, there was a
change to the statute governing the territorial application of the Indiana Uniform
Consumer Credit Code, including the Indiana Small Loan Act. Effective July 1, 2007, IC
24-4.5-1-201 requires internet lenders to be licensed, and to comply with Indiana law,
when making loans to Indiana residents. Additionally, IC 24-4.5-1-201( reads “If a
creditor has violated the provisions of this article that apply to the authority to make
consumer loans (IC 24-4.5-3-502), the loan is void and the debtor is not obligated to pay
either the principal or loan finance charge, as set forth in IC 24-4.5-5-202.”
You are advised to Cease and Desist the offering of these types of loans to Indiana
residents unless/until you have obtained the proper Indiana loan license. Consumers will
be advised that these loans are not in compliance with Indiana Statutes and that these
loans are considered null and void, and as a result, uncollectible. |
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cannr
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| Posted: Wed Aug 15, 2007 9:22 am |
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I wonder if you can make a copy of that and send it to the CA along with a ceast and desist letter?
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| Posted: Wed Aug 15, 2007 9:27 am |
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It's saying something about a law from July 1, 2007. So if it was a loan after that date, why not? If it was before that date, then I don't think this would apply. Anyone feel free to correct me if I'm mistaken.
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cannr
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| Posted: Wed Aug 15, 2007 9:49 am |
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I have just filed a complaint against MTE Financial Services with the Indiana Attorney General, also the Federal Trade Commision and the BBB of New Mexico. If more of us would also file complaints with the Federal Government, then not only will the states have some legal authority, but because these transactions are across state lines, the Federal Government can also stop them.
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ldyhwkann
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| Posted: Wed Aug 15, 2007 9:57 am |
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ldy, we all file complaints. That's one of the first pieces of advice given if these pdl's are illegal. We advise to file complaints with the BBB, the FTC, and the state AG.
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cannr
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| Posted: Wed Aug 15, 2007 12:30 pm |
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can you print out the thread that has the IN laws on it and send them to CA's?
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When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
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Posts: 2035
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| Posted: Wed Aug 15, 2007 12:37 pm |
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tweety, do you need the Indiana law posted so you can print it? Here it is, if you do. 
| Quote: | Indiana State Information
Legal Status: Legal
Citation:
Ind. Code Ann. § 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 Meridien Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit |
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cannr
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| Posted: Wed Aug 15, 2007 12:39 pm |
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Thanks hun! you're the best!
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When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
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| Posted: Wed Aug 15, 2007 12:41 pm |
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I'm wanting a copy of the post that Josh put on on site about the new law........I want to send that as well...
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
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| Posted: Wed Aug 15, 2007 12:42 pm |
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I'm going to pm josh to see what we can do. Maybe either post it or pm it to you. Hang on and I'll send a pm.
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cannr
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| Posted: Wed Aug 15, 2007 1:21 pm |
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Sounds good!
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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
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| Posted: Wed Aug 15, 2007 1:24 pm |
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Hang in there, tweety. I sent the message. We'll just have to wait for joshua!
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cannr
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| Posted: Wed Aug 15, 2007 2:34 pm |
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Actually the original post on the July 1,2007 law was mine. And when I questioned the AG about it I was told...if the ipdls makes 25 loans a year after that date he must be licensed. A call Goudah made to the office on my behalf...the lady told her, they always intended the ipdls to be illegal if not licensed but the law became grey. I have filed with the AG and so far have 3 PIF out of 5...we are waiting on My Cash Now and GFSIL...who did reply but said they were waiting for my response which I sent last week.
Tweety I pm'd you a copy of the laws last week...
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Morningstarr430
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| Posted: Wed Aug 15, 2007 2:56 pm |
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I think I'm more confused then everyone else! LOL! I'm referring to this letter:
| Quote: | NOTICE TO UNLICENSED INDIANA LENDERS WHO ARE SOLICITING
BUSINESS IN INDIANA
Investigation by the Indiana Department of Financial Institutions (“Department”) has
determined that your company is among several unlicensed entities making or offering
consumer loans to residents of Indiana via the internet.
Depending on the type of loan being offered, your company is in violation of IC 24-4.5-
3-502 and/or IC 24-4.5-7-102. These statutes reference consumer loans, and/or Small
Loans (commonly referred to as “Payday Loans”) and require a license issued by this
office in order to make these consumer loans.
During the recently concluded session of the Indiana General Assembly, there was a
change to the statute governing the territorial application of the Indiana Uniform
Consumer Credit Code, including the Indiana Small Loan Act. Effective July 1, 2007, IC
24-4.5-1-201 requires internet lenders to be licensed, and to comply with Indiana law,
when making loans to Indiana residents. Additionally, IC 24-4.5-1-201( reads “If a
creditor has violated the provisions of this article that apply to the authority to make
consumer loans (IC 24-4.5-3-502), the loan is void and the debtor is not obligated to pay
either the principal or loan finance charge, as set forth in IC 24-4.5-5-202.”
You are advised to Cease and Desist the offering of these types of loans to Indiana
residents unless/until you have obtained the proper Indiana loan license. Consumers will
be advised that these loans are not in compliance with Indiana Statutes and that these
loans are considered null and void, and as a result, uncollectible. |
is there a place where you can just print that out and send to CA on payday loans or can I get away with using this and just make a copy and past and print?
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