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njl32
Joined: 24 Oct 2007
Posts: 99
Debtcc Points: 2448
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 Posted: Fri Nov 02, 2007 8:59 pm Subject:
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Yes this was in a thread not too long ago, but thank you for bringing it up again. It does show that someone in the government is paying attention to and looking out for the consumer.
ladybug
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ladybug
Joined: 29 May 2007
Posts: 2759
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Posted: Fri Nov 02, 2007 9:10 pm Subject:
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I figured as much. I did see a news story from November 1st Omaha paper that said that One Click Cash was not appealing and agreed to no longer lend to people in Nebraska. Now we just need to get them to not loan to anyone in the world!
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njl32
Joined: 24 Oct 2007
Posts: 99
Debtcc Points: 2448
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Posted: Fri Nov 02, 2007 9:18 pm Subject:
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I agree 100%. I live in Nebraska and have never heard of Niobrara NE, they must have a population of 500? I couldn't even begin to tell you where it is.
ladybug
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ladybug
Joined: 29 May 2007
Posts: 2759
Debtcc Points: 24754
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Posted: Fri Nov 02, 2007 9:20 pm Subject:
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I believe that they said it was located on Native American Tribal Land.
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njl32
Joined: 24 Oct 2007
Posts: 99
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Posted: Fri Nov 02, 2007 9:22 pm Subject:
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okay that makes sense, then I know approximately where they are located, western nebraska i do believe.
ladybug
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ladybug
Joined: 29 May 2007
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Posted: Sat Nov 10, 2007 4:39 pm Subject:
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I found this as well. Me being a person living in PA I hope that the state goes through and sets a precedent that in order to lend in PA you need to have a license in PA. I guess that time will tell although this is a pretty old news story.
| Quote: | June 12, 2007
Pennsylvania Attacks Internet Payday Lender
During the same week that Illinois announced fines against an internet payday lender charging usurious rates to state customers comes news that Pennsylvania is also seeking judgment against a big internet payday loan business. Pennsylvania, like Illinois, has solved the problem of payday loans within state boundaries by passing restrictive legislation that has had the effect of driving all lenders out of the state. By placing a thirty-six percent cap on all short-term loan transactions, Pennsylvania effectively ensured that payday loan lenders could not turn a profit (and, subsequently, operate), within state limits.
A class-action suit against Utah-based Direct Financial Solution accuses the company of having violated Pennsylvania state law by willfully offering usurious payday loans to state customers. The suit alleges that DFS unlawfully charged Pennsylvania consumers interest rates in excess of 2000% apr and has violated the usury laws of the Commonwealth. It aims to win back millions of dollars in illegal interest and to halt the allegedly unlawful loans.
State suits against internet payday loan lenders have made national news, because of the interesting question they raise about the dominion of individual states over the business of internet-based commerce. Can states impose their own payday loan lending rules on those businesses who do not have storefronts in the state? Illinois thinks so, and it seems that Pennsylvania does, as well. Per attorney Steven Weisbrot, who is representing the plaintiff, the payday loan industry has migrated to the online marketplace after steps were taken to shut down their brick-and-mortar operations in Pennsylvania. The businesses in question take advantage of the working poor, said Weisbrot, and "they should be downright ashamed of themselves for putting working class families into desperate financial situations." DFS has been sued previously in a handful of states on similar charges, and has already been made to repay millions in damages. |
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njl32
Joined: 24 Oct 2007
Posts: 99
Debtcc Points: 2448
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