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 Posted: Thu Jan 24, 2008 6:32 am Subject: Florida Law clarification Please
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| Quote: | Florida State Information
Legal Status: Legal
Citation:
Fl. Stat. Ann. ยง 560.401 et seq.; Rule 69V-560.901-912
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes
Collection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748
Regulatory Contact: ,
http://www.flofr.com/
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Now I am confused, I thought the most that can be charged was 10%. I really dont understand the 390%.
Anyway I sent a letter out to Adrienne at USApayday, and she replied with this:
Based on the information that you sent, Maximum Finance Rate and Fees:
10% + verification fee Finance Charge for 14-day $100 loan: $15 APR for
14-day $100 loan: 390%, that would mean on a 30 day loan (which you
accepted) the allowed fee would be $30 per $100. Your borrowed $400. That
would be a fee of $120. Which is exactly what you are being charged.
To set up to pay off to stop fees being accrued on your account please
let us know at least 3 days prior to your paydate. All of the accounts
that you have had with us thus far has been within the allowances by
your state. Please let me know what you would like to do.
-Adrienne
Grrrrrrrrrrrr!!! Now I am lost... I will be in the corner banging my head against the wall.. LOL
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tiffer0220
Joined: 14 Jan 2008
Posts: 89
Debtcc Points: 1422
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Posted: Thu Jan 24, 2008 7:03 am Subject:
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How much have you borrowed from them and how much have you paid them?
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cdollar
Joined: 08 Jan 2008
Posts: 220
Debtcc Points: 4014
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Posted: Thu Jan 24, 2008 7:10 am Subject:
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This loan was for $400 and I paid back 240 in fees. My previous loan with them was for $300.00 and I paid 615.00 on that
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tiffer0220
Joined: 14 Jan 2008
Posts: 89
Debtcc Points: 1422
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Posted: Thu Jan 24, 2008 7:32 am Subject:
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According to Goudah, a lender must be licensed in FL to lend in FL. You can check with the FL dept of financial institutions to see if they are licensed. Someone else on here might be able to shed more light on the subject.
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cdollar
Joined: 08 Jan 2008
Posts: 220
Debtcc Points: 4014
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Posted: Thu Jan 24, 2008 7:34 am Subject:
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I cannot seem to download the florida database unless I buy windows excel LOL I even tried to d/l the free trial of excel and it froze up my computer.
I searched for a list of licensees on the web, but found nada 
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tiffer0220
Joined: 14 Jan 2008
Posts: 89
Debtcc Points: 1422
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Posted: Thu Jan 24, 2008 7:35 am Subject:
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Do you know that site? I can check it for you.
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cdollar
Joined: 08 Jan 2008
Posts: 220
Debtcc Points: 4014
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Posted: Thu Jan 24, 2008 7:35 am Subject:
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you are correct. In Most states a lender Must be licensed in the state the borrower is in in order to loan legally. Pa is one exception In pa if a lender is licensed anywhere it is considered legal in pa.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
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Posted: Thu Jan 24, 2008 7:35 am Subject:
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Its usapayday
thanks
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tiffer0220
Joined: 14 Jan 2008
Posts: 89
Debtcc Points: 1422
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Posted: Thu Jan 24, 2008 7:36 am Subject:
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I mean the site where you found the FL database.
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cdollar
Joined: 08 Jan 2008
Posts: 220
Debtcc Points: 4014
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tiffer0220
Joined: 14 Jan 2008
Posts: 89
Debtcc Points: 1422
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Posted: Thu Jan 24, 2008 7:50 am Subject:
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I could not find USAPayday on the list of licensees. I also couldn't get in touch with anyone at USAPayDay to ask, either. Since they are not on any list in the FL database, I can only assume they are not licensed.
Also, the person who contacted you said that $420 was the right payoff amount for a $300 loan, but they charged you $615 to pay off a previous one? Sounds like they don't follow thir own rules. I would recommend putting a hard block on your bank account before you talk to them, though. A lot of these compnaies will debit the hell out of you as soon as they get wind that you know your rights.
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cdollar
Joined: 08 Jan 2008
Posts: 220
Debtcc Points: 4014
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Posted: Thu Jan 24, 2008 7:52 am Subject:
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Also, rollovers are illegal in your state. That means that they have been extending your loan illegally everytime they only charge an "extension fee".
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cdollar
Joined: 08 Jan 2008
Posts: 220
Debtcc Points: 4014
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Posted: Thu Jan 24, 2008 7:55 am Subject:
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I've already closed my account and sent out my letters. This was the first response I have received, and it confused the heck out of me with the 390% APR LOL
Just wondering what the hell I should reply back with.. "You are not licensed here and allowed me a rollover which is in violation of Florida law?"
It's too early for this crap LOL
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tiffer0220
Joined: 14 Jan 2008
Posts: 89
Debtcc Points: 1422
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Posted: Thu Jan 24, 2008 8:15 am Subject:
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You can do that, but it never works. They'll just reply back with "You didn't care if it was legal when you borrowed it". When you get that back, I would go ahead and report them to the BBB--some businesses respond quickly to that. You need to send them a certified letter that states that you over-paid them by $315 on your prior loan. You can ask them to take the amount owed on your current loan ($160) out of the $315 and refund the remaining $155 to you. I would also mention that they are not licensed in your state, and you will report them the the BBB, Atty General, Dept of FI, etc.
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cdollar
Joined: 08 Jan 2008
Posts: 220
Debtcc Points: 4014
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Posted: Thu Jan 24, 2008 8:21 am Subject:
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I already said all that in my 1st letter to them.
Thanks though!
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tiffer0220
Joined: 14 Jan 2008
Posts: 89
Debtcc Points: 1422
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