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Posted: Fri Feb 02, 2007 12:30 pm Subject: New York State Law on Payday Loans

I'v been sitting at my desk reading over 100 postings, going to every website marked here (which are wonderful) and also going to every NYS website. I cannot find a definitive answer. Here's my question.

I live in New York State.
I have 5 outstanding loans with PDL companies that are NOT in New York State.

IS IT ILLEGAL FOR THESE COMPANIES TO GIVE ME A LOAN?

Thanks again!!!

Posted: Fri Feb 02, 2007 1:02 pm Subject:

You should be able to find NY State info here:

Link: http://www.paydayloaninfo.org/

Posted: Fri Feb 02, 2007 1:04 pm Subject:

Hi thanks. I've read the info and it's not too clear. I just really wanted a "yes" it is legal or "no" it is illegal for any resident of NYS to receive a payday loan from out of state. Thanks again.

Posted: Fri Feb 02, 2007 1:54 pm Subject:

No, it isn't legal. NY is one of the state's which is cracking down on these ipdls. I know OH is closely watching state's like these and the actions they are taking against these ipdls.

Posted: Fri Feb 02, 2007 2:18 pm Subject:

Put a complaint with the Dept of Corp about the loan company. No IPDL companies are legally allowed to do business in the borrower's state unless they have a valid license. Send a copy to the AG of your state as well as their state.

What company is it?

Posted: Fri Feb 02, 2007 2:21 pm Subject:

Put a complaint with the Dept of Corp about the loan company. No IPDL companies are legally allowed to do business in the borrower's state unless they have a valid license. Send a copy to the AG of your state as well as their state.

What company is it?

*****************************************
Hi again. Who is the Dept of Corp? Oh they ARE allowed to do busines then?? I thought it was illegal PERIOD in NYS.

My loans are through:
Rio/MTE/Paychecktoday
EZPaydaycash
HBS Services/Cash2day4u
my cash now
1800899cash

Posted: Fri Feb 02, 2007 2:26 pm Subject:

This is the link to your state's pdl laws, at the bottom of the page it will also give you links on who to file complaints with in your state. Also, file a complaint with your Attorney General's office.

http://www.paydayloaninfo.org/state_detail.cfm?id=NY

Posted: Fri Feb 02, 2007 2:52 pm Subject:

I have filed with AG of NYS. The link that you provided to me is...how do I say it without sound stupid....ummm...unclear?

It says that it is "Prohibited" but under the Citation it says they can do it with a license and that the rate that applies is by contract. Then it says that the cap is 25%. To me that is three different things

1) Payday Loans are Prohibited in NYS
2) Payday loans are not prohibited but can do it with a license
3) Customer must pay interest agreed to by contract.
4) Interest cap is 25%

HUH???

Posted: Fri Feb 02, 2007 4:40 pm Subject: PAYDAY LOANS ARE ILLEGAL IN NEW YORK

Any type of payday loan or cash advance is illegal in New York State. Governor Pataki made that a priority when he was in office. contact AG of NYS and let them know of these companies that you have PDLs with. Technically, since they are illegal your PDLs are null and void.

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