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Posted: Fri Nov 17, 2006 3:03 pm Subject: Storefront Question

I have a question about storefront PDLs. I borrowed from a storefront in Dc but I am a resident of MD. Are they to abide by where I live or do I have to abide by DC because that is where I got it?

Posted: Fri Nov 17, 2006 3:15 pm Subject:

I believe you have to abide by the laws where the transaction took place.

Posted: Fri Nov 17, 2006 3:15 pm Subject:

My guess would be it would be where you got it as you were physically present and signed the agreement in front of witnesses. They probably have you on video as well.

Posted: Fri Nov 17, 2006 3:16 pm Subject:

In your case, you have to abide by the laws where you borrowed the amount. It doesn't matter if you have shifted some other place later.

Posted: Fri Nov 17, 2006 3:53 pm Subject:

I think this only applies to storefront loans. If it is a internet loan, they have to abide by laws of the state of the consumer, right?

Posted: Fri Nov 17, 2006 4:21 pm Subject:

yes, natdust, but I believe HUDiva got the loan while in DC.

Posted: Fri Nov 17, 2006 4:24 pm Subject:

Oh, Ok. So if you go to a state that allows them and you move, you still have to go by the laws of that state??

Posted: Fri Nov 17, 2006 4:37 pm Subject:

I think so because the transaction was actually made in that state.

Posted: Fri Nov 17, 2006 4:44 pm Subject:

Thanks for clarifying that point for me..

Posted: Fri Nov 17, 2006 4:47 pm Subject:

You're welcome.

Posted: Mon Nov 20, 2006 7:59 am Subject:

Thanks all!

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