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.
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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
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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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
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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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
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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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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Goudah, how is it that Maryland shows up under CSO and Illegal?
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PDL's are illegal, but CSO's are legal.
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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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.
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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That's great goudah, good info.
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Barbiwalk - I made this list myself. It is not found elsewhere on the internet.
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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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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