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 Posted: Sun Dec 31, 2006 11:33 am |
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Okay like most i got caught up in the PDL thing and have 3 right now...but i found this in my state law..
| Quote: | B. Upon any application being made for a deferred deposit loan, the lender shall determine if the applicant has any outstanding deferred deposit loans as follows:
1. The applicant shall be required to sign an affidavit stating whether the applicant has any deferred deposit loans outstanding with the lender or any other deferred deposit lender and if so, the status of each such loan; and
2. The lender shall be required to verify the accuracy of the affidavit through commercially reasonable means. A lender’s method of so verifying shall be considered in compliance with the provisions of this section if the verification method includes a manual investigation or an electronic query of:
a. the lender’s own records, including both records maintained at the location where the loan is being applied for and records maintained at other locations that are owned and operated by the lender or the lender’s affiliates, and
b. any private database approved by the Administrator of Consumer Credit, if the lender subscribes to such a database; provided, all lenders shall be required to subscribe to such a database or otherwise obtain the required information in a manner approved by the Administrator not later than July 1, 2004. The lender may charge the applicant a fee for database verification not to exceed the actual fee charged to the lender by the database provider.
If the lender determines that the applicant has more than one outstanding deferred deposit loan, the loan applied for shall not be made.
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question is did they know i had others when they made em to me...I dont think paydayok or paydayselect are licensed in my state or not that i can find..could anyone verify that for me?
John
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ssgnewtonj
Joined: 31 Dec 2006
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| Posted: Sun Dec 31, 2006 11:38 am |
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Here's a link to the payday laws for all states:
http://www.paydayloaninfo.org/
Also, if you go to the website for your state, under the financial services licensure section, you should find a way to search for licenses. If you need help, let us know.
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SUEBEEHONEY70
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| Posted: Sun Dec 31, 2006 11:45 am |
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Nationwides claims of only new mexico law seem not be in concurance with my state laws here in oklahoma...if you read this it refers to supervised lenders and they arent on the state list
| Quote: | A. The scope of this act shall not apply to a supervised lender licensed under the Uniform Consumer Credit Code. Further, nothing in this act shall modify, affect, alter, change or restrict practices or operations of supervised lenders under the Uniform Consumer Credit Code, rules of the Oklahoma Department of Consumer Credit or rules or interpretations of the Administrator of the Department of Consumer Credit.
B. Except as otherwise provided in subsection A of this section, the provisions of this act shall apply to all deferred deposit loans made; provided, the following lenders shall not be subject to the licensing requirements of this act:
1. A bank, savings institution, credit union or farm credit system organized under and regulated by the laws of the United States or any state;
2. Government or governmental agencies or instrumentalities; or
3. Pawnbrokers engaged in pawn transactions as defined in the Oklahoma Pawnshop Act.
C. The provisions of this act shall apply to transactions if the lender, wherever located, enters into the transaction with the debtor by mail, brochure, telephone, print, radio, television, Internet, or any other means.
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Now they made me a loan and are unlicensed and this is what i found
| Quote: | . No person may engage in the business of making deferred deposit loans without first obtaining a license pursuant to this act, unless exempt under subsection B of Section 3 of this act. A separate license is required for each location where deferred deposit loans are made. The licensee shall post its license to engage in the business of making deferred deposit loans at each licensed location.
B. The Administrator may initiate administrative action against an unlicensed person as if the person held a license under this act if the person is found to be engaged in the business of making deferred deposit loans.
C. The Administrator may issue a license for each location at which deferred deposit loans are to be made to any person making deferred deposit loans at multiple locations; provided, if such licensee is not in compliance with this act as to each license, any action to revoke, suspend or not renew one license shall be applicable to all licenses issued to that licensee. This subsection shall not be construed to require a license for any place of business devoted to accounting or other record keeping and where deferred deposit loans are not made.
D. When a licensee wishes to move a licensed location to another licensed location, the licensee shall give thirty (30) days’ written notice to the Administrator, who shall amend the license accordingly.
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The subsection it talks about for exemptions is what the first quote is. Based on this should i just block it and forget about it. I already reported nationwide to the FTC,NM AG, and the OK AG
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ssgnewtonj
Joined: 31 Dec 2006
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| Posted: Sun Dec 31, 2006 11:49 am |
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well i found the supervised lender list that it talks about in those statutes i quoted above and neither nationwidecash, ambassador financial, or paydayok are on it so i believe the are unlicensed.
John
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ssgnewtonj
Joined: 31 Dec 2006
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| Posted: Sun Dec 31, 2006 11:53 am |
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Is the list you checked the one that shows what company is licensed or not? If so, you're probably pretty well armed with the info you need.
Let us know if you have any other questions...
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A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
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| Posted: Sun Dec 31, 2006 11:57 am |
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but what to do now. I have just reported them to the oklahoma department of consumer credit. On top of not being licensed, according to state law the can only charge 15 per hundred up to 300 then 10 per hundred from 4-500. And they way i read it any transaction with me is governed by our laws. That seem right. I will also post some information regarding ACH under a new topic Oklahoma information. I want to thank everyone on this site for openeing my eyes and getting me digging and giving me the resources...I am almost done with my bachelors degree and will hopefully get started on law school soon and when i do that maybe i can offer more legal information..lol.
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ssgnewtonj
Joined: 31 Dec 2006
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| Posted: Sun Dec 31, 2006 12:02 pm |
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That would be great, ssg! We'd love to see you come back as a lawyer to help others!
Did you report them to your state's Attorney General? And the BBB? Those would be two more important resources to use.
Did you also close your bank account to stop them from further debits?
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A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
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| Posted: Sun Dec 31, 2006 12:20 pm |
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sure did, well doing the BBB now.already sent to my AG and the military Staff Judge Advocate, department of defense, and my senator..lol oh and they exceeded the legal apr by like 1%, but if they can nitpick so can I
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ssgnewtonj
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| Posted: Sun Dec 31, 2006 12:22 pm |
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ssgnewton, you should also file a complaint with NM. Even they will tell you that Nationwide has to follow your state's law. They worked with me and found the company I had an ipdl with wasn't even licensed to operate in the state of NM.
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WHEREAMI
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| Posted: Sun Dec 31, 2006 12:36 pm |
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Very good point, Steelers! I hadn't thought of that.
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A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
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| Posted: Sun Dec 31, 2006 12:53 pm |
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you all rock! great idea, i am doing just that
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ssgnewtonj
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| Posted: Sun Dec 31, 2006 1:41 pm |
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We're glad to help, ssg! Keep us posted on your progress!
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A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
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| Posted: Tue Jan 02, 2007 4:52 pm |
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well i got to the bank and did the dispute and now the bank is doing a fraud investigation and are forwarding the complaint and their results to the oklahoma AG office and the ok department of consumer credit.
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ssgnewtonj
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| Posted: Tue Jan 02, 2007 4:54 pm |
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Great job! 
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WHEREAMI
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| Posted: Tue Jan 02, 2007 4:55 pm |
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awesome!! I am so happy for you!!
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finsfan13
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