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 Posted: Fri Mar 07, 2008 7:07 am Subject: Change to Indiana Small Loans/Payday Loans statutes
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Yesterday I received a letter from the Indiana DFI, Department of Financial Institutions.
As I read the letter it states:
"A change to the statutes which took effect July 1, 2007, IC 24-4.5-1-201( 8 ) reads "If a creditor has violated the provisions of this article that apply to the authority to make consumer loans (IC 24-4.5-3-502), the loan is void and the debtor is not obligated to pay either the principal or loan finance charge, as set forth in IC 24-4.5-5-202.
So everyone who lives in Indiana can also use this in their cease and desist letters. I hope this helps others.
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fkbsar
Joined: 22 Oct 2007
Posts: 15
Debtcc Points: 674
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Posted: Fri Mar 07, 2008 9:55 pm Subject:
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Thanks for the post, fkbsar! 
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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Posted: Sat Mar 08, 2008 6:29 am Subject: Indiana laws
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Wouldn't it be great if every state followed the example of Indiana? Gives you hope anyway.
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jps559
Joined: 07 Sep 2007
Posts: 14
Debtcc Points: 453
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Posted: Sat Mar 08, 2008 8:00 am Subject:
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Thanks so much for the info. I can only hope that every state follows this.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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