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Posted: Sun Jul 01, 2007 7:10 pm Subject: Unlicensed PDLs

Last week I posted a letter I found on my AG's site written to unlicensed lenders soliciting business in Indiana. In the letter it states the new statutes taking effect 07/01/07: they must all cease and desist immediately all lending untill they are licensed by the state of In. and must comply within in Indiana law. My question is this...we know they are not licensed and are illegal.... according to this letter all loans would be null and void and uncollectable...will that also apply to the loans I had taken out , of course, prior to this statute taking affect???

I am thinking of copying this letter and sending it to all my pdls...

Posted: Sun Jul 01, 2007 7:21 pm Subject:

That's a tough one. It could mean that it just starts today. I would suggest asking your AG contact tomorrow when you talk to him or her. I wish I could be more help but I don't want to give you the wrong answer. To me it sounds like it's just beginning today but there could be a loophole. I'm glad to see that you state is taking such proactive steps though against these types of lenders.....

Posted: Sun Jul 01, 2007 7:23 pm Subject:

Oh me too...I will definitely ask tomorrow...obviously I am not the first person complaining here in Indiana although I don't see to many people here from my state...I think I have only run into 1 or 2!

Posted: Sun Jul 01, 2007 7:29 pm Subject:

I'm going to shoot an e-mail to your AG when I get a chance. Since you are one state over, it would be helpful for me know too. KYSIDE would be a great one to ask. Maybe she'll come along and post soon. I was one of the first ones here to post from Ohio but now there are a bunch of us Smile

Posted: Sun Jul 01, 2007 7:32 pm Subject:

Yes that's a good idea...I haven't figured out how to email the AG ...I couldn't find a link on the site page...but I was so excited when I found that letter. They had to have had trouble before me to pass that!!! Always nice to know your not the only one...

Posted: Sun Jul 01, 2007 7:35 pm Subject:

Hmmm, I can e-mail people at my AG. I don't know. I will have to take a look. I'm glad to hear that Indiana is taking such proactive steps. It's good to see more states cracking down on these loan sharks!

Posted: Mon Jul 02, 2007 10:41 am Subject:

That's great that your state is taking a stand. Hopefully all loans will be uncollectable until the companies are licensed in the state. That's the only way it seems fair. Boy, wouldn't it make a huge impact on the companies to not be able to collect!!!
Smile

Also, since your state is taking such a stand, other states might be encouraged to do the same. Good luck!

Posted: Mon Jul 02, 2007 12:20 pm Subject:

I would contact them. But I believe it means all loans outstanding and new loans are null and void, and they can not continue with collection activities. I am sure that is how it is, but like I said call and double check.

Posted: Mon Jul 02, 2007 2:55 pm Subject:

I have called twice and left messages for my contact person to call me back but she still hasn't. So, Steelers I will ask when I get ahold of her but you think that it would include my outstand loans?? Out of 10..I have overpaid 6...2 I only owe about $50. and 2 I owe maybe $200.I would so love to be able to send that letter to all my pdls and say "goodbye sweetie""...

Posted: Mon Jul 02, 2007 6:24 pm Subject:

Morningstar, can you PM me the link to that letter. I need all the amo I can for my state. I am getting other states laws together and going to mail them to my state to get them to change our laws, hopefully. I called the DOJ last week and gave them an ear full. And they told me to write to them and they would have someone look over what I send them. WI laws suck big time. But if I keep bothering them they just might think about it. And I have a VERY loud voice and I told them that. I have enough people who will back me up also. But one more letter from another state would help me out.

Posted: Mon Jul 02, 2007 6:26 pm Subject:

You should also have them take a look at Oregon's new state payday loan law, and Ohio is about to pass one as well. It will cap the interst rate at 36%, enough to drive them out of business.

Posted: Mon Jul 02, 2007 6:41 pm Subject:

That is what it's all about, helping each other. Steelers, didn't PA just pass a new law?

Posted: Mon Jul 02, 2007 7:11 pm Subject:

Puddle, I pm'd it to you...

Posted: Mon Jul 02, 2007 8:17 pm Subject:

I got it Thank You!!

I know WI was supposed to vote on a cap. But in all the pdl storefronts they have this sign about the law they want to change and how it would hurt the customer. When I went in and paid off a storefront, I saw that when they were getting my paperwork, I busted out laughing. The guy looks at me like wtf I told him that was a joke and left.

Thanks Steelers and Mishele I will check those out also Very Happy

Posted: Mon Jul 02, 2007 9:08 pm Subject: Indiana

You know, Kentucky is so close to Indiana. I feel as though we're one state! So I want Kentucky to do the same as Indiana! Hell, I demand it! LOL! I do believe I might email the AG and see if there's anything like that for us in Kentucky. You know how KY and IN like to stick together! Kentuckiana, as they say!

Posted: Tue Jul 03, 2007 3:47 am Subject:

Cannr...you crack me up totally! Wouldn't it be neat if we could all get together for a weekend...can you even imagine the riot!! LOL

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