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 Posted: Tue Jul 03, 2007 10:07 am Subject: Should a close my bank account |
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I have made arrangements with the storefront pdl. Now I just have the ipdl's to deal with. Here is the laws for Nevada:
| Quote: | Legal Status: Legal
Citation:
2005 Nev. Stat. 414 (A.B. 384)
Loan Terms:
Maximum Loan Amount: 25% of expected gross monthly income
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified (After default: interest rate must be equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %)
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified (Lenders cannot extend payment period beyond 60 days after expiration of initial loan period)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: $25 dishonored check fee (max. two fees for insufficient funds; max. one fee for closed account) Court Costs; Reasonable Attorney's Fees; Service of process costs
Criminal Action: Prohibited (Unless customer acted with criminal intent)
Where to Complain, Get Information:
Regulator: Nevada Financial Institutions Division
Address: 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121
Phone: (702) 486-4120
Fax: (702) 486-4563
Regulatory Contact: , Supervisory Examiner
http://www.fid.state.nv.us/ |
What does all this mean? How do I determine what I have paid back? Does the interest payment count for what I have paid back as far as overpaying them?
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stopthemadness
Joined: 02 Jul 2007
Posts: 13
Debtcc Points: 401
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| Posted: Tue Jul 03, 2007 10:18 am Subject: |
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The laws in your state are very difficult to interpret. That is probably why so many PDLs make their home their. Hopefully someone with experience in Nevada law will come along to help you.
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frogpatch
Moderator
Joined: 09 Apr 2007
Posts: 3719
Debtcc Points: 30923
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| Posted: Tue Jul 03, 2007 10:46 am Subject: |
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It would be the ipdls responsiblity to prove criminal intent, and they are the ones who are operating illegally and charging illegal fees. You should contact the department that deals with this business and get their input, I know in OH, it is the LICENSED storefronts responsiblity to prove criminal intent, (ie: going to several payday stores taking out loans and then closing the account before they are due, and not paying back the loan would be one way to prove criminal intent, the person took out the cash advances and turns around and closes the account before the due date, that would be criminal intent in my book.)
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WHEREAMI
Joined: 26 Aug 2006
Posts: 5316
Debtcc Points: 71262
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| Posted: Tue Jul 03, 2007 1:38 pm Subject: |
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It looks like the laws are in favor of the lenders doing business in NV. Good thing is that you should be able to set up a repayment plan with the companies. Calculate the outstanding balance and then you need to give a call to each IPDL company and work out arrangements. Make sure they are listed with the DFI of your state.
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Bridget
Joined: 03 Mar 2006
Posts: 351
Debtcc Points: 4963
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| Posted: Tue Jul 03, 2007 1:40 pm Subject: |
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Definately check out if the one's who are located in New Mexico or Nevada hold a license in those states. Don't be surprised to learn that they don't, I found out that Cash Supply was not licensed in New Mexico where they were located. There are several out there like that, no license in any state.
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WHEREAMI
Joined: 26 Aug 2006
Posts: 5316
Debtcc Points: 71262
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| Posted: Tue Jul 03, 2007 1:51 pm Subject: |
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where do I go to see if they are licensed?
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stopthemadness
Joined: 02 Jul 2007
Posts: 13
Debtcc Points: 401
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| Posted: Tue Jul 03, 2007 2:14 pm Subject: |
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Go to this link, and click on each state to get the licensee look up data base and enter the company's name. If they have a license it will show. I actually did that and I followed up with phone calls. It was during a phone call to somebody in New Mexico's Attorney General's office who was checking to verify a company, she did this while on the phone with me, and found out the company which was located in their state was not even licensed to be in business. And if they are licensed, they would be all too willing to share that number with you, when they don't, that is when you should become highly suspicious.
http://www.paydayloaninfo.org/states.cfm
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WHEREAMI
Joined: 26 Aug 2006
Posts: 5316
Debtcc Points: 71262
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