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Posted: Wed Apr 30, 2008 7:23 pm Subject: Helping a Friend

Hi guys! Hope all is well with everyone. I've got a friend at work who has gotten herself into the pdl cycle. Scary part is that all of her loans are with storefronts. Here's the list:
Easy Money Check Cashing-Council Bluffs, IA
1st-300.00 was due on 4/25
2nd 200.00 due on 5/2
Easy Money Check Cashing Omaha, NE
500.00 due on 5/3
Easy Pay Day Omaha, NE
500.00 due on 5/2
Ace Cash Express Omaha, NE
500.00 due on 5/2

Now the one that was due on 4/25 was returned by her bank on yesterday. More than likely they will send it through again tomorrow or Friday & will clear at that time, so figuring it won't be considered defaulting. My question is; how can I find out if they are a member of the CFSA so I can guide her into getting the payment plan started. Any help would be greatly appreciated!! Lisa

Posted: Wed Apr 30, 2008 8:07 pm Subject:

Has she tried to work out a repayment plan with them, sometimes they will be willing to work with you if you approach them with the full story and be truthful about how many loans she actually has they may be descent and work out a plan. I wish you luck with this, she can only do what she can do.

Posted: Wed Apr 30, 2008 8:13 pm Subject:

Thanks erb. I'm trying to find out if any of these places are members of the CFSA. If they are then once she asks for the EPP they can't charge her anymore fees. I also need the IA laws regarding pay day loans. I have the laws for NE.

Posted: Wed Apr 30, 2008 8:33 pm Subject: pdl

What MAY help, too, is for her to talk to 'her' bank and, if things are just TOO much ( I mean the PDL's coming out) it's possible she can out a 'stop payment' on the PDL's OR close her account and open another one. My bank was GREAT with working with me, when all the 'PDL hell' was happening with me.

Posted: Wed Apr 30, 2008 8:39 pm Subject:

Thanks sd, however these are store fronts..could she be charged with check fraud or sued for closing her bank account. I've been doing some research & the 1 that she has in council bluffs is not licensed to lend in NE. Looks like they may be lended to her illegally seeing that she lives in NE. I'm not used to dealing with store fronts so I'm very unsure of the research I'm doing & if it's accurate.

Posted: Thu May 01, 2008 4:40 am Subject:

HEy Imk how are you. I just checked the cfsa web site and unfortunately I did not see any of the three you listed as being members.I will post the ia liaws for you

Posted: Thu May 01, 2008 4:41 am Subject:

Iowa State Information

Legal Status: Legal

Citation:
Iowa Code Ann. § 533D.1 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15: $0-$100; $10 per $100 thereafter
Finance Charge for 14-day $100 loan: $16.67
APR for 14-day $100 loan: 433%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance or consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $15 NSF fee (exclusive remedy)
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Iowa Division of Banking
Address: 200 East Grand Avenue, Suite 300 Des Moines IA 50309
Phone: (515) 281-4014
Fax: (515) 281-4862
Regulatory Contact: Rodney Reed,, Finance Bureau Chief
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources

Posted: Thu May 01, 2008 11:29 am Subject:

Thanks much for your help Kash. It looks like 3 of the 5 of them are licensed in NE, however there are 2 of them that I could not find. EZ Cash in Council Bluffs, IA does not show to be licensed in the state of NE. My interpretation of the law is that any DDS has to be licnesed in NE in order to "lend" to NE residents. Is this true for store fronts as well? Even though she actually drove across state lines to do it...don't they still have to be licnesed here? I'm so not up on the store front game. Any help would be appreciated.

Posted: Thu May 01, 2008 11:31 am Subject:

I dont really know about store fronts as we dont have any in NY .Sorry kiddo, someone else will pop by to help. Hope you are ok.

Posted: Thu May 01, 2008 11:34 am Subject:

That's okay..hopefully someone will read this thread & be able to help me with this. I've been doing good..how have you been doing girlie? Feeling okay??