Navigation
  #1  
Old 07-03-2008, 10:50 PM
Anonymous
Guest
 
Posts: n/a
Credits: 0 [Check]
Default Alarming Payday Loan news!

Text from a case about pay day loans:

They are legally not governed by where you live but by where the bank is located! This changes everything...


"Under the legal doctrine of interest-rate exportation, established by Marquette Nat. Bank v. First of Omaha Corp. 439 U.S. 299 (1978), the loan is governed by the laws of the state where the bank is chartered. This is the same doctrine that allows credit card issuers based in South Dakota and Delaware — states that abolished their usury laws — to offer credit cards nationwide."


Any advice or comments?
Reply With Quote Quick reply to this message
  #2  
Old 07-03-2008, 11:29 PM
jennifer_bailey75's Avatar
jennifer_bailey75 jennifer_bailey75 is offline
Member
 
Join Date: Jun 2008
Posts: 155
Credits: 1,649
Default

What I found on the case looks as if it is about credit cards not payday loans.. ???? Maybe I read it wrong.

http://supreme.justia.com/us/439/299/

Jen
Reply With Quote Quick reply to this message
  #3  
Old 07-04-2008, 04:40 AM
Cool_Abyss's Avatar
Cool_Abyss Cool_Abyss is offline
Moderator
 
Join Date: May 2008
Posts: 2,832
Credits: 14,290
Default

That information is incorrect. PDLs are not governed by banks. Those are installment loans.

Jen, you are right that information is about credit cards.
__________________
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

-Aristotle-
Reply With Quote Quick reply to this message
  #4  
Old 07-04-2008, 06:44 AM
paulmergel's Avatar
paulmergel paulmergel is offline
Moderator
 
Join Date: Jun 2007
Location: illinois
Posts: 8,057
Credits: 35,859
Default reply

i read it,wonder who the troll works for?
Reply With Quote Quick reply to this message
  #5  
Old 07-04-2008, 10:20 AM
jj's Avatar
jj jj is offline
Moderator
 
Join Date: Oct 2005
Location: Washington State
Posts: 1,071
Credits: 9,164
Send a message via Yahoo to jj
Default

technically this could apply to a bank in the direct pdl business, but that i s very unlikely since the federal reserve has issued regulations against that
__________________
Life is a journey down a road filled with many twists, turns and forks. the destination is not important... the journey is what makes life precious.
Reply With Quote Quick reply to this message
  #6  
Old 07-07-2008, 06:57 AM
goudah2424's Avatar
goudah2424 goudah2424 is offline
Senior Member
 
Join Date: Oct 2006
Posts: 7,996
Credits: 114,193
Default

JJ is correct - This would only apply to pdl's backed by a bank. This is why installment loans with super high interest are legal.

PDL's are not backed by a bank anymore . . . . . So this wouldn't apply.
__________________
How I make some extra cash

I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Reply With Quote Quick reply to this message
Reply

Quick Reply
Name:
Message:
Remove Text Formatting
Bold
Italic
Underline

Insert Image
Wrap [QUOTE] tags around selected text
 
Decrease Size
Increase Size
Options

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -8. The time now is 11:22 PM.




About Us | Contact Us | Affiliate | Sitemap | Espanol | RSS Feeds| Terms of Services Navigation