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 Posted: Wed Oct 08, 2008 1:14 pm Subject: Are my PDL's legal?? |
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I live in Minnesota and have 3 PDL's with MyCashNow, Honest Payday and USA Payday. Are these 3 operating legally?
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tammyk922
Joined: 08 Oct 2008
Posts: 3
Debtcc Points: 49
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| Posted: Wed Oct 08, 2008 1:20 pm Subject: |
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Minnesota allows an Internet based payday loan company to lend legally as long as it is licensed in any US State. They would need to follow the laws of the state they are licensed out of, not the state the consumer is in.
| Quote: | Minnesota State Information
Legal Status: Legal
Citation:
Minn. Stat. ยง 47.60 et seq.
Loan Terms:
Maximum Loan Amount: $350
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
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 repay with proceeds of another loan by same lender)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $30 NSF fee
Criminal Action:
Where to Complain, Get Information:
Regulator: Minnesota Department of Commerce
Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul MN 55101
Phone: (651) 296-2135
Fax: (651) 296-8591
Regulatory Contact: Kevin Murphy,, Deputy Commissioner |
_________________
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
Ohio Consumer Protection Law
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Shazzers
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Joined: 05 Dec 2007
Posts: 4570
Debtcc Points: 28666
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 4570
Debtcc Points: 28666
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| Posted: Wed Oct 08, 2008 1:24 pm Subject: |
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Yes they are
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tammyk922
Joined: 08 Oct 2008
Posts: 3
Debtcc Points: 49
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| Posted: Wed Oct 08, 2008 1:47 pm Subject: |
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How do I know which states they operate in? I doesn't look like it is listed on their websites......
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tammyk922
Joined: 08 Oct 2008
Posts: 3
Debtcc Points: 49
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| Posted: Wed Oct 08, 2008 3:20 pm Subject: |
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Looks like MyCashNow is in Canada or Grenada, therefore making it totally illegal for you or any other state in the U.S. Only pay them the principal amount you borrowed. Please CLICK HERE to read more about them. I am researching the other pdl's you have. Hang tight and keep checking back! Meanwhile, I am going to post some info on how to deal with this. I hope the information below will help you. 
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.
| Quote: | What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE
What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.
File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.
Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.
Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. |
_________________
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
Ohio Consumer Protection Law
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 4570
Debtcc Points: 28666
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| Posted: Wed Oct 08, 2008 3:21 pm Subject: |
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Posted by: PDLInvestigator
| Quote: | my cash now is offshore and can be found in St. George's, Grenada. Ladybug, they are not based out of Canada. Trust me. I have done my investigations.
In a previous post, I have this information for you:
William S. Reed, Pres., Treas., Secretary, and Director.
Credit Protection Depot, Inc.,
4601 West Sahara Ave., Suite 1
Las Vegas, Nevada 89102
Acting as a debt collector for MyCashNow.com, Inc. (apparently chartered in Grenada - the independent country in the Carribean, not the town in N.Y.) |
_________________
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
Ohio Consumer Protection Law
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 4570
Debtcc Points: 28666
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 4570
Debtcc Points: 28666
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 4570
Debtcc Points: 28666
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