Illegal Payday Loans for Nebraska

I have three online payday loans and need to know if they are illegal.
Magnum Cash Advance
Arrowhead Investments
East side Lenders

Per Mike at Nebraska Department of Banking and Finance the only companies legal to do payday loans in Nebraska are Licensed store front only businesses. Is this true? I am getting ready to send out letters to these companies if it is and have already clsoed my bank account. Thanks

Greetings - I'm not the only Nebraskan to get into this trap. I went to B & F today and was told by the paralegal who sent my letters out, that they have had 25 more complaints since I filed on June 9. Guess they had a staff meeting about this situation and will be issuing a C & D letter to Ameriloan. Indian sovernity does not matter. Stick with the group, they can be a big help. Good to close the account. take care

So did the paralegal tell you the same thing that you don't owe these peole anything either and that there is nothing they can do to you?

So did the paralegal tell you the same thing that these companies can't do anything to you based on this? Or did she state you still have to pay them something.Â* I have paid numerous ones with Magnum and found that I took $733.00 each time and then in return paid them almost $1200.00 back for borrowing $733.00, what a rip off and I don't want to pay them anything more if I don't have to.

No, we did not get into that. There are numerous posts on this site that state "if illegal, only have to pay the principal. In my letters that I sent out, I told them what I had borrowed, what I had paid (over and above) and I wanted a refund and a PIF. I sat down a few nights and went through bank statements and wrote down every transaction that was from a PDL. I added up what I paid, what I borrowed. I closed my account, found as many ACH places that I knew processed payments, and filed a request to have the bank investigate these illegal transactions. There is a CFR that explains it. Maybe CFR 12. Will look that up

Hi, here is a shortened version of Bank and Fiance letter sent to me "I would suggest that you visit with your financial institution concerning a stop payment on these automatic withdrawals (I actually closed the account) This is authorized by Regulation E, 12 CFR 205.10.Also pursuant to 12 CFR 205.11, you can dispute any charges withdrawn in the last sixty days. They can take up to 45 days to investigate.
Sorry everyone for writing so much, just want to share what I am learning.

Me again, I found this using Google and want to know if the above business is a member of CFSA, how come I can't find them on a member list. Here is what I found

"EZPaydayCash As a proud member of the CFSA (Community Financial Services Association" (cut and pasted the info)

I just sent out the letters today stating that I have revoked all ACH transactions, electronic debits and wage garnishments to my account and the bank has it closed. So I guess we will see what happens as I included the name and number of the individual I spoke to at the banking and finance office for Nebraska, stating that they must be store front only lenders and that there is severe penialties for operating without this license. I advise dthem they may only contact me via email or USPS mail and not by phone of any kind.

We will see what happens also included was the rates, nsf fees and stuff that they are over charging in there papers per state law if they had a license and business in Nebraska.

Well great news. Magnum Cash Advance sent me an email that stated my loan was paid in full and owed them nothing as they did not wish to pursue anything further. Zip19 is not responding at all. Eastside Lenders tried to do the ACH withdraw even though they had the letter that said they could not and I had revoked it. I'm thinking that when they contact me I will be sure to stress this point to them so that it may help cut the amount down or eliminate it all together.

The letters do work and I will never do this again as I have learned my lesson and paid out alot of money because of it in the long run. Thanks