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 Posted: Tue Nov 25, 2008 12:45 pm Subject: Florida Pay Day Loans |
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I have 8 pay day loans from the internet in Florida. If I close my bank account and reopen a new one, is there any way they come after me on criminal charges?
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Crazy Debt
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Debtcc Points: 100
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| Posted: Tue Nov 25, 2008 12:48 pm Subject: |
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They can't file criminal charges against you.
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sjj104
Joined: 10 Nov 2008
Posts: 84
Debtcc Points: 879
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| Posted: Tue Nov 25, 2008 12:50 pm Subject: |
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Hi Crazy Debt,
Here are the payday law's for FL. The do have some companies that are operating as CSO's & they would be legal. If you list the names of the companies, how much you borrowed, how much you have paid including fee's, we should be able to give you some more advice:
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Quote:
Florida State Information
Legal Status: Legal
Citation:
Fl. Stat. Ann. § 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
Regulatory Contact: ,
Emails to and from the DFI:
Hello,
Do internet based payday loan lenders with no physical location in FL need to be licensed by FL to lend legally to FL consumers? I am trying to help a friend with a huge mess. She has several internet payday loans, and they are saying that they only have to be licensed in their state, and that they can follow the laws of their state, not FL's laws. What is correct? Any information would be very much appreciated!
Thanks!
Reply:
She can file a complaint through our website at flofr.com and under 'helpful information' click on file a complaint. Then click on
finance related and you can download the form. Or click on money transmitters and call the 1-800 number. The Office will review her complaint when received. All lenders must be licensed by Florida, regardless of location, however, the current payday loan laws in place do not address internet businesses. The department is currently looking at other laws to apply to them.
She may also wish to contact Legal Aid in her area, to determine what recourse she may have.
If you have further questions, please contact this Office.
Office of Financial Regulation
Pam Henley
Financial Speci alist
(850) 410-9805
What does this mean?
Internet based companies must be licensed by FL.
No Rollovers are allowed. |
_________________
HAPPY NEW YEAR!!!
To a crisis of the spirit, we need an answer of the spirit.
To find that answer, we need only look within ourselves.
When we listen to "the better angels of our nature," we find that they celebrate the simple things, the basic things--such as goodness, decency, love, kindness.
Greatness comes in simple trappings.
-Richard Milhous Nixon,
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dawnlango7
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Joined: 05 May 2008
Posts: 943
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| Posted: Tue Nov 25, 2008 12:55 pm Subject: |
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Zip19 Borrowed $500 - have to pay off in full every pay day on this one and then I just reborrow.
Pay Day One - Borrowed $300 - Paid $320
United Cash - Borrowed $300 - Paid $430
500Fast Cash - Borrowed $300 - Paid 275
CashAdvanceNetwork - Borrowed $300 Paid $90
CashStarGroup - Borrowed $300 paid $90
VIP Cash - Borrowed $200 Paid $100
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Crazy Debt
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| Posted: Tue Nov 25, 2008 1:05 pm Subject: |
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Thanks for the info, let me check to see if any of them are legal. I don't think that United Cash or 500 fast cash are, but I'm not sure about the others...
_________________
HAPPY NEW YEAR!!!
To a crisis of the spirit, we need an answer of the spirit.
To find that answer, we need only look within ourselves.
When we listen to "the better angels of our nature," we find that they celebrate the simple things, the basic things--such as goodness, decency, love, kindness.
Greatness comes in simple trappings.
-Richard Milhous Nixon,
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dawnlango7
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Joined: 05 May 2008
Posts: 943
Debtcc Points: 3406
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| Posted: Tue Nov 25, 2008 1:13 pm Subject: |
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I can tell you for sure the 500Fastcash is illegal. You only owe them $25.
I have had a couple of loans with them in the past. This time, after I had already paid over the principal amount, I closed my bank account and sent them an email stating since they were illegal in my state, and I had overpaid them I was not going to pay any more. I have since gone to their website and the account is marked as Paid in Full. I still get emails from them offering new loans!!! 
Anyway, you can find examples of letters in other posts.
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alal84
Joined: 29 Nov 2007
Posts: 12
Debtcc Points: 255
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| Posted: Tue Nov 25, 2008 1:20 pm Subject: |
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OK, here is what I found on the companies:
PaydayOne - legal - you would need to work out an arrangement with them
Zip19 - illegal - do you have a current loan with them? If so you would need to pay back the amount borrowed only
United Cash Loans - illegal - they owe you $130
500fastcash - illegal, as stated above you owe $25
CAN - illegal - you owe $210
CashStar - illegal - you owe $210
VIPCash - ? - i'm leaning toward illegal, if so you owe $100
What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE
| Quote: | What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.
File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.
Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.
Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter.  |
_________________
HAPPY NEW YEAR!!!
To a crisis of the spirit, we need an answer of the spirit.
To find that answer, we need only look within ourselves.
When we listen to "the better angels of our nature," we find that they celebrate the simple things, the basic things--such as goodness, decency, love, kindness.
Greatness comes in simple trappings.
-Richard Milhous Nixon,
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dawnlango7
Debt Samaritan
Joined: 05 May 2008
Posts: 943
Debtcc Points: 3406
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| Posted: Tue Nov 25, 2008 1:20 pm Subject: |
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Here is a letter you can use for the illegal companies. You would need to update it for FL:
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To Whom It May Concern:
After doing research on internet payday loan laws in the state of Connecticut, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of Connecticut in general:
Legal Status: Prohibited
Citation:
Usury act applies or small loan act applies. Conn. Gen. Stat.§ 36a-563
Small Loan Rate Cap
30.03% apr or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest.
I have contacted the Connecticut Office of Financial Institutions and the Connecticut State Attorney General's Office regarding your internet payday loans and was informed they are indeed illegal in Connecticut and was advised to pay what is due according to principle amount only of the loan.
To date, I have paid $525.00 DOLLARS on my $250.00 DOLLAR loan. The legal amount that could have been charged to my loan is the principal amount of $250.00 DOLLARS even if your internet pay day loan was legal in Connecticut. I have paid $525.00 DOLLARS on this loan by your debits of my bank account. Please mark this account as PAID IN FULL.
I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.
I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of Connecticut.
You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.
I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.
I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.
I expect a response from your company no later than 5/2/2008, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
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_________________
HAPPY NEW YEAR!!!
To a crisis of the spirit, we need an answer of the spirit.
To find that answer, we need only look within ourselves.
When we listen to "the better angels of our nature," we find that they celebrate the simple things, the basic things--such as goodness, decency, love, kindness.
Greatness comes in simple trappings.
-Richard Milhous Nixon,
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dawnlango7
Debt Samaritan
Joined: 05 May 2008
Posts: 943
Debtcc Points: 3406
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| Posted: Mon Dec 01, 2008 9:39 am Subject: Fl Payday Loans |
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I also have payday loans in Florida and am looking for help I am in way over my head and do not know what to do. Here is a list of what my husband and I have:
Impact Cash borrowed $300 have paid $740 with fees and some payments to principal
United Cash Loan borrowed $400 have paid $1060 with fees and some payments toward principal
One click cash borrowed $400 have paid $1060 with fees and some payments toward principal
Cashstar Group borrowed $300 paid $90
Sandpoint Capital borrowed $300 paid $90
Paragon Processing borrowed $300 paid $180
JD Marketing borrowed $300 paid $360
Titan Group LLC borrowed $300 paid $180
Arrowhead Investments borrowed $300 paid $630
Mesa Financial borrowed $400 paid $120
The Cash Spot.com borrowed $500 paid $250
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clmw23
Joined: 01 Dec 2008
Posts: 2
Debtcc Points: 54
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| Posted: Mon Dec 01, 2008 10:13 am Subject: |
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The laws posted above for Florida DO NOT APPLY to internet lenders. Florida uses the Chapter 516 of the Florida Consumer Financial Act for small loans. It puts a 15 percent cap on them and requires them to be licensed regardless of their geographical location. The law was just amended recently but I can't get a reply from Sam Whited at the office as to its interpretation. However if they are not licensed they are not collectable. That applies to all small lenders. The laws posted above are designed for the storefronts who are strictly governed in Florida.
_________________
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www.frogpatch.com
Read here how to escape the Payday Loan trap.
http://hubpages.com/hub/Escaping-the-Payday-Loan-Trap
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frogpatch
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Posts: 3767
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| Posted: Tue Dec 02, 2008 9:02 am Subject: |
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Florida statute 516 is called the Florida Consumer Finance Act and is the only law that is really applicable to Internet lending. It regulates loans under $25,000 and states that 18% per annum is the maximum interest rate that an UNLICENSED company can charge on any loan. It specifially states that any loan from an unlicensed company with a rate of interest higher than 18% is NOT ENFORCEABLE in Florida. That means that they cannot sue you to collect on the debt.
You can look up which companies are registered at http://www.flofr.com/Downloads/download.htm under "CF Businesses." I am also attaching the list to this post in excel.
Licensed companies may charge between 18% and 30% per annum, but there are only about 125 different companies that are licensed.
This law does NOT apply to companies operating under bank charters, etc.
PM me for more details if you need further help with this.
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floridaconsumerlaw
Joined: 12 Nov 2008
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Debtcc Points: 111
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frogpatch
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Posts: 3767
Debtcc Points: 31152
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| Posted: Mon Dec 08, 2008 1:44 pm Subject: Internet Loans |
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I have about 7 internet payday loans. I live in Ohio and I just want to make sure that if I have paid the loans twice over in service fees can they sue me. I closed my bank acct because they were causing my acct to overdraft in numerous fees. They are calling me at work constantly. This lady from Fox Enterprises called today and said I took out a loan for $300 and owe $512. Is there anything I can do? This has really stressed me out. It's nice to know that I'm not alone!
I have loans from:
500fastcash
payday loan yes
one click cash
Geneva Roth
SSM
CMG
Fox enterprises
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mp1999
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| Posted: Tue Dec 09, 2008 8:57 am Subject: |
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Hi MP,
Hang tight for a moment and I will post the law's for Ohio and some info that may help you. 
_________________
HAPPY NEW YEAR!!!
To a crisis of the spirit, we need an answer of the spirit.
To find that answer, we need only look within ourselves.
When we listen to "the better angels of our nature," we find that they celebrate the simple things, the basic things--such as goodness, decency, love, kindness.
Greatness comes in simple trappings.
-Richard Milhous Nixon,
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dawnlango7
Debt Samaritan
Joined: 05 May 2008
Posts: 943
Debtcc Points: 3406
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| Posted: Tue Dec 09, 2008 9:06 am Subject: |
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Hi MP,
Here are the law's for Ohio:
| Quote: |
Quote:
Ohio State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Ohio Rev. Code Ann. §§ 1315.35 et seq.
Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
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 refinance)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance
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_________________
HAPPY NEW YEAR!!!
To a crisis of the spirit, we need an answer of the spirit.
To find that answer, we need only look within ourselves.
When we listen to "the better angels of our nature," we find that they celebrate the simple things, the basic things--such as goodness, decency, love, kindness.
Greatness comes in simple trappings.
-Richard Milhous Nixon,
|
|
dawnlango7
Debt Samaritan
Joined: 05 May 2008
Posts: 943
Debtcc Points: 3406
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| Posted: Tue Dec 09, 2008 9:07 am Subject: |
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Here is the info on your companies, I looked them up in the Ohio database & didn't find any of them. If you can tell how much you borrowed & how much you paid for each one:
500fastcash – not licensed
payday loan yes – not licensed
one click cash – not licensed
Geneva Roth – not licensed
SSM – not licensed
CMG – not licensed
Fox enterprises – not licensed
Your account is already closed so that's good news, here is some additional info for you:
| Quote: |
What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE
What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.
File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.
Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.
Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter.
|
_________________
HAPPY NEW YEAR!!!
To a crisis of the spirit, we need an answer of the spirit.
To find that answer, we need only look within ourselves.
When we listen to "the better angels of our nature," we find that they celebrate the simple things, the basic things--such as goodness, decency, love, kindness.
Greatness comes in simple trappings.
-Richard Milhous Nixon,
|
|
dawnlango7
Debt Samaritan
Joined: 05 May 2008
Posts: 943
Debtcc Points: 3406
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