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 Posted: Thu Jul 10, 2008 2:53 pm Subject: are they legal |
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are the following online pdls legal in louisiana? ameriloan, paydaymax, the cash spot, a2bcash, discount advances
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jeanies1972
Joined: 10 Jul 2008
Posts: 1
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Shazzers
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Joined: 05 Dec 2007
Posts: 4578
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| Posted: Thu Jul 10, 2008 5:32 pm Subject: |
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| Quote: | Louisiana State Information
Legal Status: Legal
Citation:
La. Stat. Ann. ยง 9:3578.1 et seq.
Loan Terms:
Maximum Loan Amount: $350
Loan Term: 60 days
Maximum Finance Rate and Fees: $5 documentation fee + the greater of 16.75% of check or $45 (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
Finance Charge for 14-day $100 loan: $25
apr for 14-day $100 loan: 650%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of check (if disclosed); Court Costs; Reasonable Attorney's Fees
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Louisiana Office of Financial Institutions
Address: P.O. Box 94095 Baton Rouge LA 70804
Phone: (225) 925-4660
Fax: (225) 925-4548
Regulatory Contact: John J. Braud,, Deputy Chief Examiner
Regulator Website
Licensee Database (On Home Page, select "Non-Depository" from blue menu at left, then "Payday Lenders," then "List of Active Payday Licensees")
Complaint Instructions: (On Home Page, select "Complaints" from blue menu at left) |
_________________
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
Ohio Consumer Protection Law
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 4578
Debtcc Points: 28712
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 4578
Debtcc Points: 28712
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 4578
Debtcc Points: 28712
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| Posted: Thu Jul 10, 2008 8:27 pm Subject: |
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Here's some info from a post on this site regarding The Cash Spot:
| Quote: | | Cash Spot, if it is Thecashspot(dot)com, on their web site posted they are licensed and bonded in DE and they are as American Consumer Credit. |
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cannr
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