 Posted: Wed Oct 22, 2008 12:26 pm Subject: |
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Kentucky require Internet based pdl's to be licensed by your state. If you will list the following, we can try to help you distinguish which are legal and which aren't.
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
| Quote: | Kentucky State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Kentucky Rev. Stat. Ann. § 286.9.010 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-60 days
Maximum Finance Rate and Fees: $15 per $100
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (cannot renew, rollover, or consolidate)
Cooling-off Period: None
Repayment Plan:
Collection Limits:
Collection Fees: One NSF fee (if disclosed)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Kentucky Office of Financial Institutions
Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787
Regulatory Contact: Gary Davis,, Branch Manager |
_________________
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Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
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Shazzers
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Joined: 05 Dec 2007
Posts: 5042
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