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 Posted: Thu Jul 12, 2007 5:52 am |
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Can anyone tell me if this company is licensed to operate in New Mexico...and if possible does anyone have the payday loan laws as the apply in New Mexico? Thanks a lot.
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Godzuki01
Joined: 18 Jun 2007
Posts: 95
Debtcc Points: 2113
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| Posted: Thu Jul 12, 2007 6:08 am |
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I also need an address for them if anyone has one. Thanks...
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Godzuki01
Joined: 18 Jun 2007
Posts: 95
Debtcc Points: 2113
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| Posted: Thu Jul 12, 2007 7:20 am |
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You can check the licensee database on this website to see if they are licensed or not. Since they are an ipdl, chances are they are probably not. Also, check if there is another name on your contract different than usapaydayloan because a lot of these companies operate under different names.
The website is: http://www.paydayloaninfo.org/
| Quote: | New Mexico State Information
Legal Status: Legal
Citation:
N.M. Stat. Ann. § 58-15-1 et seq.
Loan Terms:
Maximum Loan Amount: Not Specified
Loan Term: Not Specified
Maximum Finance Rate and Fees: No Limit
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: No Limit
Rollovers Permitted: Not Specified
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Attorney's Fees, Court Costs, Filing Fees
Criminal Action:
Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulatory Contact: Henry A. Vigil,, Consumer Industry Manager
http://www.rld.state.nm.us/fid/
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joshua1987tree
Joined: 01 Jun 2007
Posts: 487
Debtcc Points: 7997
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| Posted: Thu Jul 12, 2007 7:23 am |
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I was searching on the forums and found this as their address:
USA Payday Loan
117 Bryn Mawr Dr SE
Suite 112
Albuquerque NM 87106
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joshua1987tree
Joined: 01 Jun 2007
Posts: 487
Debtcc Points: 7997
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| Posted: Thu Jul 12, 2007 8:30 am |
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Establishment: Friendly Cash, LLC
DBA: USA Payday Loan
Albuquerque
NM
License Type: Small Loan Company
License No.: 01435
Issued: 4/12/2005
Expires: 6/30/2008
Status: Active
License Street: 117 Bryn Mawr Drive, S.E., Suite 112
CityStateZip Albuquerque NM 87106
General Street: 117 Bryn Mawr Drive, S.E., Suite 112
CityStateZip Albuquerque NM 87106
So does this mean I am screwed on this one? They are licensed in NM and NM law basically allows them to charge whatever they want. I live in TN, BTW.
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Godzuki01
Joined: 18 Jun 2007
Posts: 95
Debtcc Points: 2113
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| Posted: Thu Jul 12, 2007 8:33 am |
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Oh, from the above post I thought YOU lived in NM, since you asked about payday loan laws in NM. If you live in TN, they have to abide by TN laws. It doesn't matter if they are matter in NM; they have to be licensed in TN as well. I will post TN laws shortly.
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joshua1987tree
Joined: 01 Jun 2007
Posts: 487
Debtcc Points: 7997
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| Posted: Thu Jul 12, 2007 8:35 am |
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| Quote: | Tennessee State Information
Legal Status: Legal
Citation:
Tenn. Code Ann. §45-17-101 et seq. and Tenn. Comp. R. & Regs. § 0180-28-.01
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulatory Contact: Bart Daughdrill,
http://www.tennessee.gov/tdfi/ |
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joshua1987tree
Joined: 01 Jun 2007
Posts: 487
Debtcc Points: 7997
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| Posted: Thu Jul 12, 2007 8:35 am |
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I know the TN laws...but the guy is telling me that the loan is under NM law because that's where they are.
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Godzuki01
Joined: 18 Jun 2007
Posts: 95
Debtcc Points: 2113
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| Posted: Thu Jul 12, 2007 8:37 am |
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What is it that says they have to be licensed in TN as well?
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Godzuki01
Joined: 18 Jun 2007
Posts: 95
Debtcc Points: 2113
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| Posted: Thu Jul 12, 2007 8:58 am |
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Many pdl's will tell you that because they are licensed in THEIR state, it doesn't matter if they are licensed in yours or not, but don't believe them...pdls says this all the time to make you pay more money. If they are not licensed in your state, then they are ILLEGAL in your state. How much have you paid on this loan and what was the original amount?
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joshua1987tree
Joined: 01 Jun 2007
Posts: 487
Debtcc Points: 7997
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| Posted: Thu Jul 12, 2007 9:06 am |
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date item amount paid due
04/03/07 loan $ 300.00 $ 50.00 $ 250.00
04/03/07 svc chg $ 90.00 $ 90.00 $ -
04/12/07 svc chg $ 90.00 $ 90.00 $ -
04/27/07 svc chg $ 90.00 $ 90.00 $ -
05/14/07 svc chg $ 90.00 $ 90.00 $ -
05/30/07 svc chg $ 90.00 $ 90.00 $ -
06/14/07 svc chg $ 75.00 $ 75.00 $ -
06/19/07 return $ 50.00 $ 50.00 $ -
06/19/07 return fee $ 30.00 $ 30.00 $ -
06/21/07 svc chg $ 75.00 $ 75.00
07/03/07 return $ 155.00 $ 155.00
07/03/07 return fee $ 30.00 $ 30.00
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Godzuki01
Joined: 18 Jun 2007
Posts: 95
Debtcc Points: 2113
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| Posted: Thu Jul 12, 2007 9:09 am |
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That didn't come out very nice...
I have paid $90 five times, $75 once, and a $50. Plus a $30 return fee
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Godzuki01
Joined: 18 Jun 2007
Posts: 95
Debtcc Points: 2113
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