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Posted: Wed Aug 13, 2008 8:36 pm Subject: payday loan laws for washington

I have a payday loan with grc funding they are taking 120 every two weeks from my account . I need to do a stop payment with my bank . How can I get the number and are they illegal in washington state

Posted: Thu Aug 14, 2008 6:28 am Subject:

Posted: Thu Aug 14, 2008 6:29 am Subject:

GRC Funding (Geneva Roth Loan Co.) is 800-351-8820

Posted: Thu Aug 14, 2008 7:02 am Subject:

Emails to and from the DFI:

From: James
Sent: Saturday, April 26, 2008 5:08 PM
To: Bortner, Deb (DFI)
Subject: Payday Loan Information

Good Afternoon,

My name is James. I have extensive knowledge about some of the internet lenders preying on Washington consumers. I write extensively about them at usapaydayloan.net. My main question, however, is whether or not it is legal for an out of state licensed payday lender to lend to Washington residents without having a Washington license. A response would be greatly appreciated.

Thank You,
James

Reply:

Subject: RE: Payday Loan Information
Date: Mon, 28 apr 2008 08:54:38 -0700
From: "Leslie, Berri L (DFI)" <BLeslie> Add Mobile Alert
To: "James

Good morning,

Thank you for your question. Yes, to lend money to Washington residents an entity, even out of state, must be licensed.

Berri Leslie, Program Manager

Administration and Licensing

Department of Financial Institutions

Division of Consumer Services

(360) 725-7839

(360) 664-2258 (Fax)

What does this mean?

Internet companies must be licensed by WA and follow WA law.

Specific rates may be charged.

No rollovers are allowed.

Unlicensed lenders cannot collect on the loans.

Thanks to James for providing this info

Posted: Thu Aug 14, 2008 8:11 am Subject:

so this means that they are lending illegally goudah?

geneva roth is illegal, i believe

Posted: Thu Aug 14, 2008 9:05 am Subject:

they are illegal in washington. you need to take the usual steps to protect your bank account. here is a letter that you can email and fax to them:

To Whom It May Concern

It has come to my attention that you a payday loan I have with you was made in violation of Washington State Administrative codes governing Check Cashers/Sellers and Payday Lenders (Chapter 208-630 WAC Check cashers and sellers - regulation of), wherein it states that payday lenders are required to be licensed by the State of Washington. This law applies to any payday loans made to Washington State Residents regardless of the state of origin or contractual jurisdiction agreements.

Because you were conducting payday lending business in violation of this administrative code and the governing law directing its creation. This violation renders our contract illegal in the State of Washington, rendering ay terms agreed to therein null and void. Under the above noted law, loans made illegally are not collectable.

Effective immediately, I hereby permanently revoke any and all authorizations, assignments or rights, including assignments of wages, income and/or accounts granted to INSERT PDL NAME HERE, its successors and/or assigns to electronically access any account owned by me.

On advice of counsel, prior to either initiating civil action and/or requesting that Washington State authorities investigate your business practices (including those of any potentially related businesses) I am requesting a refund of fees paid in the amount of $270.00 Understanding that this request is an attempt to avoid pursuit of other remedies, I am willing to agree in writing not to pursue additional civil action to seek redress.

I may be willing to explore other options to resolving this situation and I look forward to your written reply

Posted: Thu Aug 14, 2008 10:30 am Subject:

JJ I believe is from WA, so he would be a good resource for you to use.

By the way, I'm only a 30 minute drive from WA! And pdl's are very restricted here. I was doing some research on a company that I thought was breaking the new laws here (a storefront) and was talking to the clerk like I was interested in applying for a loan. She flat out told me that if I wanted to borrow more all I needed to do was drive up to their store in Vancouver and I would be able to get a bigger, better loan! I was floored!