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 Posted: Wed Aug 06, 2008 6:16 pm Subject: arizona payday laws |
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I am being charged more than the allowable 15% of face value of the checks on the 5 payday loans I have storefront. Can I fight them on this.?
I want to thank all of you with the very valuable lessons I have learned and education acquired from all of your knowledge...Once out of this nightmare..Never again.. Gloria
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gdjebnar
Joined: 01 Aug 2008
Posts: 8
Debtcc Points: 128
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Shazzers
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| Posted: Wed Aug 06, 2008 8:58 pm Subject: |
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Oh duh, you're in Arizona.  Here are your state laws, although it appears you already know them. As far as the amount of interest they're charging, if you feel they are violating your state pdl laws, I would first advise you to look at your contract again to see what it says. I'll let someone else interpret this for you, as I've never been very good with numbers.
| Quote: | Arizona State Information
Legal Status: Legal
Citation:
Ariz. Rev. Stat. § 6-1251 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 5 days
Maximum Finance Rate and Fees: 15% of check
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: One
Rollovers Permitted: Three (extensions)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $25 NSF fee + actual charges assessed by the financial institution
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Arizona Department of Financial Institutions
Address: Financial Enterprises Division, 2910 N. 44th Street, Suite 310 Phoenix AZ 85018
Phone: (800) 544-0708
Fax: (602) 381-1225
Regulatory Contact: Robert Charlton,, Assistant Superintendent of Banks |
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Shazzers
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| Posted: Tue Sep 30, 2008 12:19 pm Subject: AZ Payday Laws |
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Where it says 'Criminal Action - Prohibited'
Does this mean threats made about getting arrested due to non payment or closed account are unture?
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Kimmi5284
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