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 Posted: Fri Jun 13, 2008 11:15 am Subject: How to find out if a PDL is legal in my state? |
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Hello. I have been reading some of the posts that have been put up regarding PDL's. Currently I reside in Alabama and what I would like to know is how do you know if a PDL is legal in your state? Between my best friend and I we have about 8 payday loans. Is there a website to go to find out if the PDL is legal here in Alabama?
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Nikkij
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| Posted: Fri Jun 13, 2008 11:26 am Subject: |
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Nikkij -
here is your state law for Alabama:
| Quote: | Alabama State Information
Legal Status: Legal
Citation:
Ala. Code ยง 5-18A-1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
APR for 14-day $100 loan: 456.25%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)
Where to Complain, Get Information:
Regulator: Alabama Banking Department
Address: P.O. Box 4600 Montgomery AL 36103
Phone: (334) 242-3452
Fax: (334) 353-5961
Regulatory Contact: Arlene Baldwin, , Consumer Services Spec-ialist, Bureau of Loans |
Here is where to find the licensee database for Alabama:
http://www.bank.state.al.us/ADPSA_Licenses2.asp#
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SUEBEEHONEY70
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| Posted: Fri Jun 13, 2008 11:37 am Subject: The laws for Alabama that was just sent to me. |
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So should I click on the link that was just sent to me and put the name of the Cash Advance company in the search box and it will then tell me if its legal or not?
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Nikkij
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| Posted: Fri Jun 13, 2008 2:20 pm Subject: |
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It will tell you if they hold a license in your state - I would highly advise contacting the Alabama Banking Department at the phone number shown in the law listed in my post above to ENSURE they are not licensed before proceeding. At the same time, ask them what you can do to file a complaint on any illegal companies.
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SUEBEEHONEY70
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