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 Posted: Sun Mar 16, 2008 4:14 pm Subject: How can I find out what internet PDL are licensed in IN?
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How can I find out what internet PDL companies are licensed to do business in Indiana?
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stephenupchurch
Joined: 16 Mar 2008
Posts: 9
Debtcc Points: 411
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Posted: Sun Mar 16, 2008 4:20 pm Subject:
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Somebody may come along and correct me on this if needed, but I suspect that none of them are. Hang tight, wiser folks will be along presently.
Meanwhile, what companies do you have loans with?
_________________
Wulfisms: my blog
The four 'no's of dealing with collectors:
No validation? No payment. No way! No kidding!!
Tellin' you all the zomby troof
Here I'm is, the zomby woof
[Frank Zappa, 1988 - R.I.P.]
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unclewulf
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Joined: 27 Nov 2007
Posts: 2449
Debtcc Points: 19572
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Posted: Sun Mar 16, 2008 5:13 pm Subject:
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HI Stephen,
Here are the pay day loan laws for Indiana and the link to the licensee datbase:
http://extranet.dfi.in.gov/dfidb/nondeplist.aspx
Indiana State Information
Legal Status: Legal
Citation:
Ind. Code Ann. § 24-4-4.5-7-101 et seq.
Loan Terms:
Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
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 per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost
Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South Meridi an Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit
Regulator Website
Licensee Database
Complaint Instructions
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4177
Debtcc Points: 24901
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Posted: Sun Mar 16, 2008 5:17 pm Subject:
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Thanks for the quick info, Volley! I got a PM from Stephen, and pointed him toward the PDL forum, hoping for maximum exposure. Hopefully, he'll turn up there directly.
_________________
Wulfisms: my blog
The four 'no's of dealing with collectors:
No validation? No payment. No way! No kidding!!
Tellin' you all the zomby troof
Here I'm is, the zomby woof
[Frank Zappa, 1988 - R.I.P.]
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unclewulf
Moderator
Joined: 27 Nov 2007
Posts: 2449
Debtcc Points: 19572
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Posted: Sun Mar 16, 2008 5:21 pm Subject:
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Sounds great wulf! Did he tell you which pdl's he was dealing with by chance?
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4177
Debtcc Points: 24901
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unclewulf
Moderator
Joined: 27 Nov 2007
Posts: 2449
Debtcc Points: 19572
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