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 Posted: Thu Oct 16, 2008 12:10 pm Subject: Hello! I desparately need some advice dealing with pdls in T |
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Hi! I live in the knoxville area of Tennessee and got caught up in the payday loans quite some time ago! And the way they work here is i pay them back every month but have to rewrite because i cannot live without that money! So i basically give them each $30 a month! I have more of them than i am supposed to have! Does any1 have any advice to me on this? We are desparate! Going next week to consult with a bankruptcy lawyer and need to know whether to bring these into the matter!
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momof3inTN
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Shazzers
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| Posted: Thu Oct 16, 2008 12:15 pm Subject: |
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Tennessee allows an Internet based payday loan company to lend legally as long as it is licensed in any US State. They would need to follow the laws of the state they are licensed out of, not the state the consumer is in.
| Quote: | Tennessee State Information
Legal Status: Legal
Citation:
Tenn. Code Ann. §45-17-101 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
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: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulatory Contact: Bart Daughdrill,
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Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
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Shazzers
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I will post your laws shortly.
