I need help in Florida

She said that she is aware that they are a CSO but they do not have a license in FLorida. SHe feels that they should fall under Ch517. I will let you know what she says when she gets back to me after contacting the companies.

Looking up Florida statutes I believe she meant ch 516 not 517. Ch516.02-2a states


Interesting!

I was reading some of the posts on the forum about CASHNETUSA. I see that there are posts stating that they are legal here in Florida. I got worried, cuz I have a pdl with them. I am currently working with Sandra Smith with the Florida Office of Financial Regulation. I emailed her about them, asking if they are legal here in Florida. Here is her response:

That is why my case is with an investigaot now and they are contacting the company about operating here in Florida. She says they aren't illegal to operate here but because they aren't licensed or anything they can only charge 18% max.

It is alittle confusing, ain't it?? All I know is I was told that in order for them to loan in Florida, They have to be licensed here. But I'm sure that there is some kind of loop hole they will CRAWL into, like the snake they are.

pyb and nutsie, your state agency is working with you regarding this! I, personally, am excited about this! On one hand, your state is saying they are not legal - even if they are acting as a CSO. This is good! On the other hand, if there is a "loophole" as you're thinking, at least the state is looking into it and will give you a definate answer. Either way, something good is going to come out of this mess. Either we're going to find out that they are NOT licensed in Florida as a pdl or a CSO (which would be wonderful) or we're going to find out what exactly they are if they are indeed legal. Which is good because I'm sure MANY people are anxiously awaiting the outcome of this. Hell, I'm not even in Florida and I'm dying to find out the answer to this mystery!

Well my bank finally closed my account, after days of calling and harrassing them and screaming fraudualant charges. They changed their tune though when I told them that I had talked to the Department of Finance and they said the bank has to do something. The response back to me was "I know we are operating legally, we have done nothing wrong, but here your account is now closed."



On another note. I had to laugh when I opened my email today and their waas an email from a PDL that I had used in the past saying Happy Birthday! Need some money?
NOT! Definitely not going to fall into this trap again. I would rather not eat for a couple of days than have to start all over on dealing with these PDLs.

pyb, I'm rolling here! I got an email from Cash Borrower the other day. I almost fell out of my chair thinking they were sending me another THREATENING ILLEGAL email regarding my "loan". No. It was them letting me know that "they have money for me". LOL! Idiots! Are they all nuts or what?

Well, B.I.G, which is one of the pdl's that I have, has starting the calls. I'm actually have some fun with it. They are telling me that they want $360.00 ( for a $250.00 loan) from me. I told "Sam", who barely speaks english, that I want some kind of documentation and an audit number from them, which will prove that they are legal here in the state of Florida. I said 'no more phone calls!' Got a call again today from some female, again, barely speaks english, demanding $360.00. I said to her, again, what I WANTED! Thru her screaming in some language i STILL cannot understand, with me screaming back, do not call me, my work or anyone else as I have filed a complaint with the BBB and the Attorney Generals office. Then I hung up and sent the email that states the Florida law on payday loans and that my account has been closed and on and on and on........ Now Genva Roth emailed, wanting me to call them concerning my loan. I promptly sent them the same email about my account is closed, the Florida payday loan laws and on and on and on..... They are the only ones that I have heard lately, but I'm ready for the others, let the good times roll !
Nutsie

nutsie, if I remember correctly, you DID send BIG the letter revoking any wage assigment you may have signed, right?

ok, I have been reading thru several forums on here, and I need some claification please. maybe I just havent had enough coffee, yet. But I feel I am missing something. Ok as an example, I take out an internet payday loan for $300, with a finance charge of $90. when my loan comes due and they only take the $90 finance charge and my loan "rolls over" to the next payday, then they take out another $90 and this goes on and on. Never paying anything on the principle, unless of course I contact them and set up a paydown or pay off. this is what it states on my 3 payday loans. But what I am reading on here is that that "finance charge" could, or should be paying off my loan??? so if I borrow $300 and they hit me with a $90 finance charge 5 times, my loan should be considered paid? because I actually only owe them $390. Am I correct or crazy?

I just realized how old this thread was, I sure hope some one notices my post.......

You are correct, but only if they are not licensed in your state. Do NOT confuse legal, licensed lenders with the bottomfeeders that ignore the laws/regulations of the state in which they are lending