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 Posted: Tue May 01, 2007 5:44 pm Subject: PDL Laws in South Dakota |
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Does anyone know the PDL laws in South Dakota? I'm working on getting out from under the PDL nightmare I've created for myself.
I currently have six loans:
Amerioan $390
CashNetUSA $275
USFastCash $260
Cash Central $390
Quick Cash Advance $390
Quick Draw Cash $390
I'm currently paying over $450 every two weeks in interest alone. I've contacted T&C which is sending out some info on how to deal with a consolidation. I understand a change in checking account may be in order I would like to avoid this if at all possible.
I've searched the forums for the laws in SD with no luck can anyone point me in the right direction?
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psychotic_penguin
Joined: 01 May 2007
Posts: 2
Debtcc Points: 66
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| Posted: Tue May 01, 2007 5:49 pm Subject: |
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Hi psychotic, welcome to the forums. Here are your laws I got from paydayloaninfo.org
| Quote: | South Dakota State Information
Legal Status: Permitted under small loan act or licensing law
Citation:
S.D. Codified Laws ยง 54-4-36 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Not Specified
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Four (licensee can renew, rollover or flip loan if debtor pays outstanding fee each time)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: South Dakota Division of Banking
Address: 217 1/2 West Missouri Avenue Pierre, SD 57501
Phone: (605) 773-3421
Fax: (605) 773-5367
http://www.state.sd.us/drr2/reg/bank/BANK-HOM.htm |
I am not sure what all this means but I am sure someone will be along shortly to give you advice. In the mean time feel free to vent and know that you are not alone in this mess.
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Sassnlucy
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Joined: 12 Mar 2007
Posts: 2620
Debtcc Points: 28250
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| Posted: Wed May 02, 2007 7:07 am Subject: |
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Pretty much it means that the only requirements are that the pdl's be licensed, and that the loans are only rolled over 4 times. Other then that they can charge whatever they want. But don't get discouraged, that is the same way the laws were in my state, and I was still able to clean up my mess. I've heard good things about T&C, so they may be able to help you.
You probably will have to close your checking account. These companies won't really negotiate with you if they can still hit your account whenever they want. I know it's a pain, but it's the only way you will have piece of mind that the pdl's aren't going to keep taking your money.
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goudah2424
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Debtcc Points: 111615
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