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#1
06-16-2008, 12:37 PM
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****Internet Lending in all 50 states****
I've complied a list of all 50 states showing which state's require the company to be licensed by that state, and which one's allow other state's licenses.
** This is just preliminary *** There may be changes to it. States that require internet based pdl's to be licensed by that state: Alabama Alaska Arizona California Colorado DC Deleware Florida Hawaii Idaho Illinois Indiana Kansas Kentucky Lousiana Maine Michigan Minnesota Please see THIS LINK for changes in the MN law, updated on 7/7/2009 by Shazzers. Mississippi Missouri Montana Nebraska Nevada New Hampshire New Mexico North Dakota Ohio Oklahoma Oregon Pennsylvania (See article on the last page) South Carolina South Dakota Texas Utah Washington Wisconsin - If the online company solicited you Wyoming In the above states the internet payday loan company must be licensed by that state and follow that state's laws. __________________
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. 
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#2
06-16-2008, 12:38 PM
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The following state allow an internet based payday loan company to lend legally as long as it is licensed in any US State. They would need to follow the laws of the state they are licensed out of, not the state the consumer is in.
Arkansas Rhode island Tennessee Wisconsin - If you found the company online by a search or other means Edited and updated by Shazzers 7/7/2009 Edited again on 8/1/2009 by Shazzers __________________
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.
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#3
06-16-2008, 12:39 PM
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The following state are known to have payday loan companies acting as CSO's (Credit Service Organizations). This means they do not need to be licensed, and are generally 100% legal in what they charge.
Florida Maryland Texas __________________
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.
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#4
06-16-2008, 12:40 PM
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In the following states internet payday lenders are not legal, either because of restrictive laws, or because the state does not license companies not located in that state, but requires a state issued license to lend.
Connecticut Georgia Iowa Maryland Massachucetts New Jersey New York North Carolina Vermont Virginia West Virginia __________________
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.
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#5
07-14-2008, 04:28 AM
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where can i find this list
good morning still at work on these lenders how can i find this list so that I can send to two of my lenders that say they don't have to be licenced in my state fast bucks now and upfront money thank you
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#6
07-14-2008, 06:33 AM
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Goudah, how is it that Maryland shows up under CSO and Illegal?
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#7
07-14-2008, 07:19 AM
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PDL's are illegal, but CSO's are legal.
__________________
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.
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#8
07-14-2008, 07:20 AM
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CSO's are different from pdl's, and are under totally different laws. So pdl's can be illegal and CSO's legal in the same state.
__________________
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.
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#10
07-14-2008, 07:50 AM
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Barbiwalk - I made this list myself. It is not found elsewhere on the internet.
__________________
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.
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#11
07-14-2008, 08:50 AM
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Goudah...help me...I am not sure, as in the case of Maryland, how/when to determine if it is a CSO or PDL. Maryland says that a CSO doesn't have to be licensed, ergo, no record of them on the MD site. So a person could easily interpret that a lender is not licensed and therefore is not legal. They may confuse it as being a PDL lender.
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#12
07-16-2008, 11:02 AM
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NEW YORK
I live in new york and I have "HAD" a pdl in 2005 and paid on it and know they want $5000.00 in 2008 when I only borrowed $200.00
HELP ME!
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#14
08-01-2008, 06:50 AM
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Licenses can be hard to find. The company may be licensed under a corporate name, or some other way.
I can't speak to general legalities. Everything depends on the specifics. DSS - CSO's must still be registered with the Sec of State. It's a different process then licensing, but most states still have searchable databases of the registrations. Also, the contract will also state that the business is a CSO. __________________
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.
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#15
08-01-2008, 07:01 AM
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Best you can do is to tell the company that you believe them to be unlicensed and force them to prove that they are (they need to be licensed at the time of transaction, btw).
If they give you a corporate name, or a d/b/a name, come back here and post it to assist other community members.
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#16
08-18-2008, 10:53 PM
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So If the company is not licensed what does that mean? I have loans with BIG, 247advance, Loanshop and FTR processing. Are these companies licensed in AZ? If not what can i do about the loans? I have already taken the first step and closed my bank account, but now I am freaked out abou that harrassing phone calls I am sure I will get.
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