michigan laws......

According to MI law, you can only 2 loans, so I would treat these all as illegla loans. Follow the link in my signature line for information on how to handle them.

my next day cash- 400 (120fee) ILLEGAL...OFFSHORE...NEVIS
vandelier group llc-300(90fee)..ILLEGAL
vince interprises ltd.-200(60fee)???
ameri loans-300(90) ILLEGAL TRIBAL
whitehills cash-305 TRIBAL...ILLEGAL
my cash guardian-400(120ffee)???
spot on loans=50(15fee) UT based...probably illegal

Get FREE counseling and analysis
With proper help you can

• Lower your monthly payments
• Reduce interest rates
• Waive late fees
• Reduce collection calls
• Avoid bankruptcy
• Have only one monthly payment

Name:

Email:

Phone:

Debt:

*

USA Payday loan laws

Are you aware of payday loan laws in your state? Check them out and make sure your lender isn't charging more than the state limit. To find the laws limiting payday loan practices, choose the state you are in. You'll find how much lenders can charge you and you'll know your rights as a consumer.

Michigan Payday Loan Laws

State Legal Status
Lending of payday loan is considered legal in the State of Michigan.

Loan Specifications

• Maximun Amount of Loan - $600
• Term of Loan - Maximum 31 days
• Maximum Rate of Finance and Fees - 15% interest rate on the first $100 loan; 14% interest rate on the second $100 loan; 13% interest rate on the third $100 loan; 12% interest rate on the fourth $100 loan; 11% interest rate on the fifth $100 loan; 11% interest rate on the fifth $100 loan + fees for any database verification
• Finance Charge on $100 loan for a 14 day period - $15
• APR for $100 loan for a 14 day period - 390%

Debt Limits

• Maximum Number of outstanding loans permitted at a time - 1 with licensee/ more than 1 with any other licensee
• Permissible number of Rollovers - None (Renewal cannot be done; extension can be offered by the lender if and only if it doesn't charge a fee.)
• Repayment Plan - Yes

Limits of Collection

• Collection Fees Amount - 1 return check charge of $25
• Criminal Action - Prohibited

File your Complaint and get Information

• Regulator - Michigan Office of Financial and Insurance Services
• Address - P.O. Box 30220 Lansing MI 48909
• Phone - (877) 999-6442
• Fax - (517) 335-4978

thank you for answering me!! my question though is i already had the 2 store front ones prior to the onlin ones. and in mi you can have max of 2 loans but it has to be different lenders (leagal of course). i also thought that i had read something that you couldn't have a loan that lasted more than 8 or 12 mths. im not quite sure on that. i just thought i had read it some where, but i have spent the last 3 days reading so it could be a different state law. oh and just to let you know, the online loans were done with out a check. i never sent anyone a voided chk. obviously the store front ones had a paper check. also when i defaulted on the instant cash one i had already paid one of the 3 payments and they deposited the orginal ck which was for the whole amount, is that ok?

thanks again for all the help. i am meeting with the credit union in about an hour or so.

Have you done your ACH and wage assignment revocations? You should give a copy of the ACH revocation to your bank.

Pay Day Loans in MI have a max term of 31 days.

no i havent. i am getting ready to leave very soon to go there though. where do i find that info out? also i just talked to them (bank) and they weren't exactly sure about me closing my account and opening a new one. she said that since i took the loan out that i have to pay it back. i let her know that i was willing to pay back the principal if they are willing to work with me. i let her know that they are illegal in mi and that i technically don't have to but that i'm willing to but under my terms. i haven't defaulted on 3 yet, that wiill be this fri (8//03). she advised me to bring all that i could about this or they won't be able to do anything.
thanks again for helping! i will wait to hear back from you before i go so i can make sure i have everything in order.

It is not your banks place, nor responsibility to decide. Per Regulation E, you can revoke ACH authorization and they have to abide. This is your account, your money, and none of their business.

where can i go to print this stuff out?

The FDIC's website. http://www.fdic.gov/regulations/laws/rules/6500-3100.html

Thank you! Im at the bank now and they r giving me a hard time. They are saying because I signed up for these that I can't close ny account without paying what I owe to these people.

Again, it's none of their business. If you don't pay your mortgage, credit card, or other bills, does your bank step in and take the money out of your account to pay them for you...you agreed to make those payments...you have a contract with those people???

Get my point?

By law, you can revoke ACH authorization at any time for any reason. They have to honor it. If doing so causes you to breach a legal contract, the other party can sue you.

The bank has nothing to do with it. They're misinterpreting their role here. It's your money.

Call your bank's corporate office and tell them your bank is refusing to close your account. If I were you i would walk into the branch and ask the teller to take all of your money out of this checking account, then go to a personal banker and tell the banker you want the account closed NOW. If they refuse then you can step outside and call the corporate office. This is typical of many banks... I work for a credit card company and when I occasionally go into our branches a few days a week to service peoples' cards, i know for a fact the branch employees try to avoid closing accounts over payday loans because the loan companies start harassing the hell out of the bank and then collectors call the bank, etc. it's your bank's shear laziness.