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#1
11-01-2007, 08:33 AM
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Sub:
Criminal action
This is scary, I am piggybacking off another topic, I am wondering what "criminal"action is
# Some state payday loan laws place borrowers at legal risk if they stop payment on the check used to get the loan or close the bank account or both, regardless of the reason. Alabama and Alaska allow payday lenders to take criminal action for failure to make good on the cold check used to secure the loan if the check was returned due to a closed bank account. Consumers can get in trouble if their bank account is closed before the loan is due in Colorado and Wyoming, or if the account was closed at the time the loan was made in North Dakota. Hawaii and Missouri expose borrowers to criminal sanctions if the check was returned due to a closed account or stop-payment by the consumer. Mississippi permits lenders to use criminal action if the check used to get the loan bounces when deposited. In Arkansas, it is a crime to both stop payment on a check and close the account. Utah's payday loan law permits lenders to sue for treble damages if borrowers can't make good on the check used to get the loan. Utah lenders are not permitted to threaten criminal prosecution. 
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#2
11-01-2007, 08:35 AM
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jay-what is the source for this info?
This could apply to storefronts, which are legal and licensed. See where it says "the check used to secure the loan"? This applies to storefronts....
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#3
11-01-2007, 08:37 AM
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#4
11-01-2007, 08:37 AM
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Sub:
i agree volley....internet loans dont have a check in their possession, jay
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aminah
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#5
11-01-2007, 08:37 AM
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I also might add that since they are licensed and legal, criminal action is POSSIBLE.
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#6
11-01-2007, 08:38 AM
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who is licensed and legal volley? the storefronts?
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#7
11-01-2007, 08:39 AM
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Yes, in most states storefronts are licensed and legal.
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#8
11-01-2007, 08:41 AM
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Sub:
jay- most store fronts are operating legally and do tend to sue. I would try to make arrangements with them. I went in person to mine, explained that I wanted to pay them off, but needed help, and they did work with me!..karen
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As long as you are alive, there's always hope
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#9
11-01-2007, 08:42 AM
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yea all of mine are internet pdls
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#10
11-01-2007, 08:43 AM
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okay great....
 tell you what, lets head back over to your other thread and work on those 
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#11
11-01-2007, 08:44 AM
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sorry
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#12
11-01-2007, 08:46 AM
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Sub:
Ther's nothing to be sorry for Jay- you are scared, this is all new- I know where you are coming from.
Ther is nothing more scary than having your sense of security threatened!..Hang in there..karen
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As long as you are alive, there's always hope
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#13
11-01-2007, 08:54 AM
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Join Date: Aug 2007
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Sub:
Noooo...dont apologize! I dont want you to get worked up over this issue if you dont have storefronts
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