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 Posted: Mon Oct 06, 2008 5:25 pm Subject: Hi- this is from the dummy in TX w/ 17 PDL's |
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I have 17 PDL's currently - worth over 6 grand. It's not good. I make decent money as well, and ALL of my paycheck has been going to fees and well, you all know the cycle. I'm going to bite the bullet and work with Langhorne Law. Any advice for the laws in Texas? I read the sticky but couldn't find Texas information.
Thanks,
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jlemay
Joined: 06 Oct 2008
Posts: 5
Debtcc Points: 82
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| Posted: Mon Oct 06, 2008 5:36 pm Subject: |
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Texas requires Internet based pdl's to be licensed by your state, but is also known to have payday loan companies acting as CSO's (Credit Service Organizations). This means they do not need to be licensed, and are generally 100% legal in what they charge. You want to be very careful about which are actually payday lenders and which are CSO's.
| Quote: | Texas State Information
Legal Status: Legal
Citation:
7 Tex. Admin. Code § 1.605; Tex. Fin. Code Ann. §§ 342.251 et seq. and 342.601 et seq.
Loan Terms:
Maximum Loan Amount:
Loan Term: 7-31 days
Maximum Finance Rate and Fees: $10 per loan + 48% annual interest
Finance Charge for 14-day $100 loan: $12
apr for 14-day $100 loan: 309%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Texas Office of Consumer Credit Commissioner
Address: 2601 N. Lamar Blvd. Austin TX 78705
Phone: (512) 936-7600
Fax: (512) 936-7610
Regulatory Contact: , |
_________________
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
CLICK HERE to find a Creditor
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Shazzers
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