I was wondering if someone could help me? I need to find the laws and reagulations for pay pay loans for Pennsylvania. Can someone tell me were I can look? _________________ Register today to encash debtcc points.
Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, § 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. § 6201 et seq.
Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year
Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions
http://www.banking.state.pa.us/banking/site/default.asp
Pennsylvania does allow internet pdls to follow the laws of the state that they are licensed in though.
Posted: Fri Nov 09, 2007 5:20 pm Latest Blog Post : Decision
Please note: These laws were originally based on store fronts. With internet laws if they are licensed in their home state (not PA) they are considered legal and you must abide by your contract. You will need to look up each one to see if they have a license any where else other than PA. _________________ If you think you can, you can...if you think you can't, your probably right...
