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Joined: 19 Sep 2007 Posts: 18 **Debtcc Points:** 646

I have been searching for info that claims that Internet lenders can lend legally to PA residents as long as they are licensed in another state. I haven't been able to find anything to back this up and prove it's correct. Does anyone know if this is indeed correct?

Joined: 08 Aug 2007 Posts: 826 **Debtcc Points:** 5505

That is correct. If you go to this link http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
and scroll down to PA you will find the information that GOudah collected from Pa.

Posted: Tue Nov 13, 2007 8:22 am

You can also go to the PA Dept of Banking website.

Click on Laws and Regulations.

Click on Interpretive Letters.

Click on Consumer Discount Company Act.

Click on the letter titled "Internet Consumer Lending-Out of State Company"

There you will find a letter from the PA Dept of Banking saying that internet based companies with no physical location in PA do not need to be licensed by PA, as long as they are licensed by another state.

Posted: Tue Nov 13, 2007 8:23 am

The letter also explains why this is. It is because PA's laws specifically state "In this Commonwealth" which they have interpreted to mean that the laws only apply to businesses physically located in PA.

Posted: Tue Nov 13, 2007 11:58 am

Sonya - I saw your quick message to me. If I remember correctly, Magnum is licensed in DE, but I'll double check.

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