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 Posted: Sat Oct 20, 2007 5:56 pm Subject: DLC Legal or Not?
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Has anyone ever had dealings with DLC of South Dakota Or North Dakota Are They legal or not I Have a $500 loan with them at a store front in arkansas the max loan for the state is $400 Are these Guys doing buisness ilegal or not My state laws has a cap of 17% | Quote: | Legal Status: Legal (Applies to check cashers only)
Citation:
Ark. Code. Ann. § 23-52-101 et seq.; Ark. Const. art. 19, § 13
Loan Terms:
Maximum Loan Amount: $400
Loan Term: 6-31 days
Maximum Finance Rate and Fees: 10% of check + $10; $5 ID card
Finance Charge for 14-day $100 loan: $22.22
apr for 14-day $100 loan: 579%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per location
Rollovers Permitted: None (cannot renew or consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: NSF fee; Court Costs; Reasonable Attorney's Fees
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)
Where to Complain, Get Information:
Regulator: Arkansas State Board of collection agencies
Address: Division of Check-Cashing Companies, 523 Louisiana Street, Suite 460 Little Rock AR 72201
Phone: (501) 371-1434
Fax: (501) 371-1440
Regulatory Contact: Peggy Matson,, Executive Director
http://www.asbca.org/check_cashing/
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mrdavismac171671
Joined: 18 Oct 2007
Posts: 5
Debtcc Points: 105
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Posted: Sat Oct 27, 2007 4:57 am Subject:
Latest Blog Post : http://Lukesykwalker.yesdebtfree.org |
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Hello and welcome to the site. Please check back through out the day and someone will answer your post. In the meantime, please click on the "free consultation" button that is just to the right of this post where they can help you in depth with your situation.
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All the Best,
Luke
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Lukeskywalker
Joined: 19 May 2007
Posts: 1913
Debtcc Points: 16280
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