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 Posted: Sat Aug 25, 2007 5:58 pm Subject: Is Cashnet Usa legal in Florida?
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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:
| Quote: | I received your emails and documents this morning and will review them as soon as possible and pass them on to our investigative team.
The answer to your question:
Cashnet USA is not registered/licensed with the Florida Office of Financial Regulation to issue payday loans under Chapter 560, Florida Statutes, or consumer finance loans under Chapter 516, Florida Statutes. I noticed the company did not provide the proof you requested. Additionally, I cannot locate any active registration with the Florida Department of State, Division of Corporations.
We'll be in touch with you soon.
Sandra Y. Smith
Senior Management Analyst II
State of Florida - Office of Financial Regulation
Bureau of Money Transmitter Regulation
200 East Gaines Street
Tallahassee, FL 32399-0378
Phone: 850-410-9815
Fax: 850-410-9748 |
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nutsie1
Joined: 22 Aug 2007
Posts: 92
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Posted: Sat Aug 25, 2007 7:34 pm Subject:
Latest Blog Post : Decision |
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nutsie...that os great info you have there...I am sure many who have dealt with this company will be very pleased to read your post!!
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Morningstarr430
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Posted: Sun Aug 26, 2007 6:19 am Subject:
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I hope so. It is very confusing. All I can do is post this reply from Florida. Hope this helps someone.
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nutsie1
Joined: 22 Aug 2007
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Lukeskywalker
Joined: 19 May 2007
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Posted: Sun Aug 26, 2007 6:32 am Subject: reply
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nutsie, can you ask Sandra if they are operating as a CSO? I think I remember goudah saying something about that maybe they could be. Can you ask Sandra & then post when she replies to you? This would be a huge relief, as morningstarr stated, to anyone in Florida reading this thread!
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cannr
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Posted: Sun Aug 26, 2007 8:32 am Subject: cashnet usa
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hi cannr,
yes I will do that. Just as soon as receive her reply, I will post it. Don't want to sound dumb, but, what does 'CSO' stand for??
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Posted: Sun Aug 26, 2007 9:44 am Subject:
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nutsie1, I also live in the State of Florida and have defaulted on the IPDL. I also called Lee Dixion and she confirm this company is not license in the State and should file a complaint, which I have. How much was your loan and what have you written to cashnet usa regarding your loan. Let me know. Thanks
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queensizebaby
Joined: 21 Jul 2007
Posts: 60
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Posted: Sun Aug 26, 2007 11:05 am Subject:
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It was for $150.00. I had paid them $38.79. I told them that as far as I'm concerned, I owe them $111.21.
Here is the email to cashnetusa and here is their response:
Here is the Florida law.
| Quote: | Florida State Information
Legal Status: Legal
Citation:
Fl. Stat. Ann. ยง 560.401 et seq.; Rule 69V-560.901-912
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes
Collection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748
http://www.flofr.com/ |
As I said, I will pay $111.21 in September and not a penny more. Please send me the address that I can send it to. I think that being that you are not legal here to operate in the state of Florida, Paying back the $111.21 should be acceptable.
If you are legal, as you say you are, send me some proof. I will present it to the Florida Office of Financial Regulation and then the complaint that is filed against your company will be dropped.This should be easy enough for you to prove if you are legal. I'm sure that you do not any complaints filed in this state or any other.
CashNetUSA <support> wrote:
| Quote: | Dear Patricia Briggs,
In response to your email submitted 08/17/07, per your state of Florida, you can extend your loan four times. Our records reflect your loan being due on 09/04/07, in which you have the option to extend the loan again, or pay the loan in full in the amount of $188.79. The loan is currently set to pay in full. We will not be contacting Florida Office of Financial Regulation as we have no need to do so, we are licensed per your state.
Questions? Concerns? Our customer service team is available seven days a week to help answer all your questions via phone, email or online chat.
CashNetUSA Customer Support
Phone: 888.801.9075
Fax: 866.326.5265
cashnetusa.com
Customer Notice: Payday advances should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counseling.
Christina K |
I don't think she understands the law on payday loans, do you??
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nutsie1
Joined: 22 Aug 2007
Posts: 92
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Posted: Mon Aug 27, 2007 7:05 am Subject:
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CSO means Credit Service Organization. Pretty much, Cash Net USA is not the lender for loans in Florida. They are just a broker. They would not need to be licensed then, only registered. It's a totally unregulated industry.
Federal courts have found that fees paid to a CSO cannot be considered interest. So they can legally get around the payday loan laws by acting as a CSO.
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goudah2424
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Posted: Mon Aug 27, 2007 7:42 am Subject: cashnetusa
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How come they are the name listed as being the one who is taking the money from my checking account??
Weird, 
nutsie1
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Posted: Mon Aug 27, 2007 7:46 am Subject:
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Because they service the loan for the "lender". They pretty much do everything, but they are not the actual lender.
It's total crap, in my opinion. They are piggybacking on laws that are meant to help the consumer improve their credit.
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goudah2424
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Posted: Mon Aug 27, 2007 7:47 am Subject:
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ok, I will let you know what I find out.
Thanks, I LOVE your picture !!
nutsie
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nutsie1
Joined: 22 Aug 2007
Posts: 92
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Posted: Mon Aug 27, 2007 7:48 am Subject:
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Thank you! That's my baby . . . 
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goudah2424
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Posted: Mon Aug 27, 2007 7:50 am Subject:
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cute !!! Ineed to upload mine !!
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nutsie1
Joined: 22 Aug 2007
Posts: 92
Debtcc Points: 1952
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Posted: Mon Aug 27, 2007 7:53 am Subject:
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You should! If you need help doing it let me know . . .
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goudah2424
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Posted: Mon Aug 27, 2007 8:26 am Subject:
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I tried to upload a pic, but it didn't work!! what did I do wrong??
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nutsie1
Joined: 22 Aug 2007
Posts: 92
Debtcc Points: 1952
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