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 Posted: Wed Dec 12, 2007 8:16 am |
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I need to know if these payday loan companies have contracts in PA. tendollarpaydayloan, checksmart.com, and cashadvancenetwork.com Any help would be appreciated.
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strangclan
Joined: 05 Nov 2007
Posts: 19
Debtcc Points: 425
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| Posted: Wed Dec 12, 2007 8:22 am |
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Pa is one of the states that say if a pay day lender is licensed anywhere , it is legal in PA. I will post the PA laws for you.
| Quote: | State Information
Legal Status: Prohibited
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
Regulator’s Website
http://www.banking.state.pa.us/banking/site/default.asp
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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| Posted: Wed Dec 12, 2007 10:11 am |
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Because of the wording in PA's laws, the laws only apply to businesses physically located in PA. So if a payday lender is not located in PA, they can lend to PA consumers. They would need to follow the law for the state that they are licensed in.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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| Posted: Wed Dec 12, 2007 11:22 am |
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tendollarpaydayloan, checksmart.com, and cashadvancenetwork.com are not located in PA. How do I get more info on them? Thanks for any help.
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strangclan
Joined: 05 Nov 2007
Posts: 19
Debtcc Points: 425
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| Posted: Wed Dec 12, 2007 11:24 am |
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You can try doing a search in the above search box.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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