VIRGINIA PDL LAWS

Does anyone know what the laws on pdl's are in virginia?

Virginia State Information

Legal Status: Legal

Citation:
Va. Code Ann. § 6.1-444 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 7 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot refinance, renew, or extend)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Virginia Bureau of Financial Institutions
Address: State Corporation Commission, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
Phone: (804) 371-9657
Fax: (804) 371-9416
Regulatory Contact: Susan E. Hancock,, Deputy Commissioner, Consumer Finance

HI, I`VE BEEING THREATEN BY A PAYDAY LOAN PLACE THAT I BORROW 220.00 AND WAS UNABLE TOO PAY IT BACK ON TIME BECAUSE CHECKING ACCOUNT WAS FROZEN FOR A WHILE AND THEN I FILE BANKRUPTY DUE TOO MUCH credit card debt. NOW THEY WANT ME TOO PAY 890.00 FOR 220.00 AND THEY WAS TELLING ME SOMETHING ABOUT THE PDL LAW WHICH I DON`T UNDERSTAND. IF YOU COULD EXPLAIN TOO ME WHAT I CAN DO OR WILL I HAVE TOO PAY THE FULL AMOUNT. THE PAYDAY LOAN PLACE WAS QUICH CASH MTE AND YOU CAN EMAIL ME AT edited*ND.

DH-

I don't even have to ask you which state you're in b/c MTE isn't operating legally anywhere. They are, however, ruthless in their collection efforts. You owe them no more than the principal of the loan ($220). Subtract from that anything you've already paid them. I'm sure they don't understand what they told you either--but they normally ramble off blather about how your state laws don't apply to their internet business model. A number of us have dealt with them...and the only way to deal with them is to file a complaint with your state Attorney General's Office...I'd also file a complaint with the Attorney General's Office in Oklahama (where their business address is) since they were ordered to cease and desist funding loans well over a year ago. I just think it adds a nice touch...