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 Posted: Tue May 01, 2007 8:58 am Subject: help with maine laws with payday loan |
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I am trying to figure what the best way to pay off my payday loans. I am interested in all ideas. I live in Maine. Thanks
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tsutherland1
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| Posted: Tue May 01, 2007 9:16 am Subject: |
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I believe that PDL's are illegal in Maine
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Leah
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| Posted: Tue May 01, 2007 9:18 am Subject: |
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| Quote: | Maine State Information
Legal Status: Prohibited - Permitted for supervised lenders
Citation:
Maine's UCCC applies. 9-A Me.Rev.Stat.Ann. 2-401. Supervised Lenders are exempt from 32 M.R.S.A. 6138(4)(D) which prohibits a check casher from cashing or advancing any money on a postdated check.
Small Loan Rate Cap
30% per year on amounts up to $2,000 or a fee of $5 for amounts financed up to $75; $15 for amounts financed $75.01-$249; or $25 for amounts financed of $250 or more.
Where to Complain, Get Information:
Regulator: Maine Office of Consumer Credit Regulation
Address: Department of Professional and Financial Regulation, 35 State House Station Augusta, ME 04333
Phone: (207) 624-8527
Fax: (207) 582-7699
Regulatory Contact: William N. Lund, Director
http://www.state.me.us/pfr/ccp/ccp_index.htm |
So basically what I need to know from you to assist you is: What companies are you dealing with, how much was the loan originally for? and how much money has each company taken out of your account?
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Leah
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| Posted: Tue May 01, 2007 9:33 am Subject: |
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| Quote: | CHAPTER 604
H.P. 1469 - L.D. 2076
An Act Relating to Payday Loans
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-A MRSA §1-201, sub-§1, as amended by PL 2001, c. 371, §1, is further amended to read:
1. Except as otherwise provided in this section, this Act applies to consumer credit transactions and open-end credit plans made or entered into in this State. For purposes of this Act, a consumer credit transaction or open-end credit plan is made or entered into in this State if:
A. A signed writing evidencing the obligation or offer of the consumer is received by the creditor in this State; or
B. The creditor, wherever located, induces the consumer who is a resident of this State to enter into the transaction or open-end credit plan by face-to-face, mail, telephone or electronic mail solicitation in this State.; or
C. With respect to a payday loan, the lender, wherever located, enters into a payday loan transaction with a consumer who is located in this State.
Sec. 2. 9-A MRSA §1-301, sub-§28-A is enacted to read:
28-A. "Payday loan" means a supervised loan or other credit transaction in which a cash advance is made to a consumer in exchange for the consumer's personal check or in exchange for the consumer's authorization to debit the consumer's deposit account and when the parties agree either that the check will not be cashed or deposited or that the consumer's deposit account will not be debited until a designated future date.
Effective August 23, 2006. |
http://janus.state.me.us/legis/statutes/9-A/title9-Asec1-201.html
They aren't totally illegal. Only check cashers are not allowed to advance money on a postdated check. They are required to follow the interest rate laws of Maine, and the laws specifically say that no matter where the payday loan company is located, they MUST follow the laws of Maine.
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goudah2424
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| Posted: Tue May 01, 2007 9:34 am Subject: |
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If you list the info Leah requested we can help you determine if you've overpaid any of the companies and what your next step should be . . . .
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goudah2424
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| Posted: Tue May 01, 2007 9:38 am Subject: |
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Maine actually has some pretty good laws. Since none of your lenders are probably licensed, it says:
Quote:
How many loans can I make without being licensed?
Supervised Lenders may issue up to five (5) regular loans or two (2) section 32 loans ("high-rate, high-fee" loans subject to HOEPA) per calendar year. However, unlicensed companies cannot, under any circumstances, broker loans. An unlicensed company must close all loans under its own name.
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goudah2424
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| Posted: Fri May 04, 2007 8:15 am Subject: |
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Ameriloan loan 400.00 total paid 1070
GFSIL loan 200 total paid 365
Authpayday loan 300 total paid 535
CMG group loan 300.00 total paid 270
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| Posted: Mon Jul 07, 2008 10:58 am Subject: help with pdl and stating there filing an affidavit for my a |
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i owe several payday loan got a call today at work or i should so my boss got the call saying that they were calling from financial crimes unit and gave case # to boss..i called back and come to find out it is about 2 pdl loans i took out in 2005..has anyone had this type of conversation with anyone from a payday loan company?
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august498
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Shazzers
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