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 Posted: Fri Apr 25, 2008 7:41 am Subject: FYI
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I have been dealing with Little Loan Shoppe out of Bountiful Utah-I sent my letter stating they were violating Illinois law and that I have more than paid what I owe and that I want my acct marked PIF-This is what they sent me-
Thank you for your recent email regarding the status of your loan. Respectfully, we disagree with your claim that our short term installment loan is not valid in your state.
Pursuant to the agreement you signed with our company your loan is governed by the laws of the state of Utah. You requested and accepted funds from a Utah company which were wired to your bank account. We consider our contract for your short term installment loan to be legally binding.
Please contact us to make arrangements for repayment of your loan in accordance with your contract.
Sincerely,
Resolution Department
Little Loan Shoppe
Phone: 1-866-223-7549
Email: resolution (@) littleloanshoppe.com
So I sent an e-mail to the DFI of Utah and this is what they sent me-
(my e-mail) To whom it may concern:
If an internet payday loan company based out of Utah lends money to person that is living in another state does the payday loan company have to abide by the payday loan laws of where the consumer lives or does the consumer have to abide by the payday loan laws of the state where the payday loan company is located?
(the dfi response) The lender must abide by the consumer loan laws where the borrower resides.
I suggest you contact your state banking department if an out of state internet payday lender is making payday loans to residents of your state in contravention of state law.
Jerry Jaramillo
Supervisor
Now I will go after them full force-It's nice to actually hear those words from the"horses mouth."
Wish me luck!!
Reba
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reba2295
Joined: 02 Apr 2008
Posts: 28
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Posted: Fri Apr 25, 2008 8:36 am Subject:
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Oh, I'm still doing this dance w/ a PDL; they say I'm governed by the law of their State and MY state (where they're all prohibited) says they aren't. I've challenged the PDL to send me something in writing, on company letterhead, WITH valid address and phone number, telling me that they are in fact licensed and legal in my State and that I have to abide by THEIR laws. So far haven't gotten anything, nor do I expect to.
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Pachacutec
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Debtcc Points: 100
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Posted: Fri Apr 25, 2008 9:06 am Subject:
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See Below Re: Utah
From: "Jerry Jaramillo" <jjaramillo> Add Mobile Alert
To: "James
Subject: Re: Payday Loan Law
A payday lending Utah registration enables a payday lender to make
loans to Utah residents.
A payday lender operating in states other than Utah must
register/license in those states to make payday loans in compliance with the statutes
in those states.
From a practical perspective most internet lenders will use a contract
based on the laws of one state, simply because one contract can not be
universally written to accommodate the laws and statues of all 50
states. In any event the contract must be accordance with applicable state
law of the state where the borrower resides.
>>> James
4/23/2008 10:01 AM >>>
Hello Jerry,
I was wondering if a Utah licensed lender, payday lender specifically,
can legally lend to non-Utah residents via the internet on the basis of
a Utah license? In other words, can Utah licensing terms and rates be
exported by a non-bank?
Thank You,
James
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james
Joined: 16 Apr 2008
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Posted: Fri Apr 25, 2008 9:18 am Subject: other states
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James-Let me ask a silly question because I just want to make sure I totally understand. Does this mean that whatever state a internet payday lender is located doesn't matter because they have to abide by the state laws where a person resides?
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reba2295
Joined: 02 Apr 2008
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Posted: Fri Apr 25, 2008 10:12 am Subject:
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If anyone takes the time to read an actual license they will find that it specifies the entity only has authority for residents of that state. It doesn't matter if a state accepts out of state licenses. The license by definition is only for RESIDENTS and that fact is clearly stated and repeated when applying for a license.
Edited per TOS - No personal attacks!
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james
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Posted: Fri Apr 25, 2008 10:23 am Subject:
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That is not true - It would be true if the business was physically located in other states, but they aren't.
Plus, some state's will flat out say that their license does allow for lending to other states.
James - You will be banned if you continue to talk crap about our members. Period.
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goudah2424
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Posted: Fri Apr 25, 2008 10:27 am Subject:
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OK I'm sorry if I asked an inappropriate question-I don't want to start any trouble-I just want to try to find out what my rights are. Sorry again
Reba
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reba2295
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Posted: Fri Apr 25, 2008 10:29 am Subject:
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Reba - This is not about you. You did NOTHING wrong.
Ask anything you'd like. 
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goudah2424
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Posted: Fri Apr 25, 2008 10:30 am Subject:
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Reba - What state are you in?
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goudah2424
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Posted: Fri Apr 25, 2008 10:31 am Subject: reply
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do not aplolgize reba,there are no silly questions and you are more than entitled to know your rights.
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paulmergel
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Posted: Fri Apr 25, 2008 10:32 am Subject:
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I am located in Illinois
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reba2295
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Posted: Fri Apr 25, 2008 10:34 am Subject:
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Illinois has actually gone after some payday lenders for breaking their laws before . . . .
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goudah2424
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Posted: Fri Apr 25, 2008 10:36 am Subject: reply
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hello fellow illinoian,goudah should be able to call up our laws.i can tell you that just about every internet pdl will not be licensed.this is because they have to be licensed in illinois because of the strict usury laws.
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paulmergel
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Posted: Fri Apr 25, 2008 10:37 am Subject:
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I don't have any specific responses for IL - But they do require companies to be licensed by IL and to follow IL laws.
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How I make some extra cash
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goudah2424
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Posted: Fri Apr 25, 2008 10:40 am Subject:
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How was James "talking crap"? 
James seems to be very knowledgeable and appears to have the members best interest at heart. 
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Posted: Fri Apr 25, 2008 10:40 am Subject:
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Half of his words were edited out - Per the TOS. He said some very insulting things about people of this site.
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Last edited by goudah2424 on Fri Apr 25, 2008 10:43 am |
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goudah2424
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