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03-31-2009, 09:30 PM

I have a couple of PDL's in Texas.Â* I believe they are both CSO's.Â* I am trying to get some info on what to do to get rid of them.Â* Does anyone know if they will work with you on a payment plan?
Advance America- $900
The Cash Store - $1350
I have been paying the fees to extend at The Cash Store and paying off Advance America and then renewing.Â* After reading through a lot of the posts it seems to be more difficult to take care of these in Texas.
Any feedback would be appreciated.

nohiogal · 04-01-2009, 02:09 AM

Advance America is listed as a payday loan not a CSO so an EPP should be available.
Â*
I did not find The Cash Store. on either database. They are a store fron so they are legal but they must have the license under a different name.
Â*
If you have the loan paperwork check it and see if there is another name associated with them.

04-01-2009, 05:58 AM

The Cash Store is Cottonwood Financial. The use a CA called Alliance Asset Management who are the worst of the bottom feeders.

nohiogal · 04-01-2009, 06:01 AM

Cottonwood is licensed as a payday loan company not a CSO.

04-01-2009, 06:07 AM

They are registered as a CSO in Texas.

Shazzers · 04-01-2009, 06:13 AM

Please post that info <span class="name">SkippyD, as I could not find either as CSO's, just as nohiogirl stated.
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04-01-2009, 06:42 AM

I know it is in another thread here somewhere. I think the registration number is here also. And I know I have it on old paperwork at home. Maybe it's expired?

Shazzers · 04-01-2009, 07:01 AM

I'll do a search and see what I can find in previous posts. Meanwhile. perhaps Frogpatch will read my PM and address this thread. I searched the data base and couldn't find any listings for the above regarding CSO's. Thanks for responding.

Shazzers · 04-01-2009, 07:06 AM

I did find something in previous posts that stated <span class="postbody">Cottonwood Financial is a CSO, but that was in 2007, I'm not locating them in the data base which leads me to believe they are no longer licensed as a CSO, I could be wrong though. I think it would be wise to wait on Frogpatch to address this issue, he is well versed in the FL laws.
</span>

Shazzers · 04-01-2009, 07:08 AM

Let me retract that statement, I am confusing myself with FL and Texas, I just replied to a post earlier about a FL CSO. Good gosh, nevermind what I said in the previous post.

04-01-2009, 07:29 AM

Found it.

Name: Cottonwood Financial Texas LP d.b.a. The Cash Store # 1

Address: 1901 Gateway Drive, Suite 200, Irving, TX 75038
1901 Gateway Drive, Suite 200
Irving, TX 75038
File Number: 20050024
Status: Renewal
Expires: 7/1/2009
Account Bond:
Surety Company:
Additional Locations: 122

nohiogal · 04-01-2009, 07:32 AM

So they have both licenses as a payday loan company and a CSO.
Â*
So whichÂ*law/rules wins here?

04-01-2009, 07:37 AM

I am not sure if Texas allows payday loans so they get around that by operating as CSO's. Here is what I found;

Quote:
Texas payday loan laws were first enacted in June of 2000. As with other states, Texas payday loan laws state that a lender must obtain a license before they operate. Under Texas state law, a company that engages in the business of payday loans is defined as any person(s) making cash advances in exchange for a consumerÃ¢â‚¬â„¢s personal check, or in exchange fore the consumerÃ¢â‚¬â„¢s authorization to debit the consumerÃ¢â‚¬â„¢s deposit account. The licensing laws for payday loan lenders in Texas are the same as stated under the Texas Finance Code Ann. 342.
Texas payday loan laws have different requirements on fees than other states. Under Texas law a lender is allowed to charge no more than $1 per $5 thatÃ¢â‚¬â„¢s borrowed for loans under $30. For loans over $30 but no more than $100, a service fee of one-tenth the amount can be applied. And for cash advances over $100, a fee of no more than $10 can be charged.

Texas payday loan laws also permit handling charges in addition to service or interest fees. Under Texas law, a $3.50 handling charge can be added each month to the total amount as long as the amount of the loan doesnÃ¢â‚¬â„¢t exceed $35. If the cash advance is over $35 but no more than $70, monthly handling charge of $4 can be applied. For loans over that amount, a $4 fee can be added each month for every $100 thatÃ¢â‚¬â„¢s borrowed.

Payday loan lenders in Texas must post a notice with a fee schedule along with a written agreement. The agreement must contain the name of the lender, the transaction date, the amount of the check, an itemization of fees, the earliest date the check must be deposited, and a total amount expressed in U.S. dollars and as an annual percentage rate. The agreement form should have the name, address, and phone number of the Consumer Credit Commissioner. Texas payday loan laws also require that the agreement form provide a notice that sates payday loans are intended for short-term cash needs.

Texas payday loan laws prohibit lenders from dividing one loan into two loans for the sole purpose of collecting higher interest fees. The maximum term limit for payday loans in Texas is 31 days. The minimal term limit for payday loans is 7 days.

Under Texas law, a lender cannot pursue criminal charges to collect on a debt. Also, a payday loan lender is limited as to how many times a loan can be renewed. Currently under Texas law, lenders are allowed to renew a payday loan one time each month.

nohiogal · 04-01-2009, 07:41 AM

They do allow payday loans.
Â*
The rules are different though. Cottonwood is in both databases.
Â*
Maybe store front is payday loan and internet is CSO?