Yay! PDL's are banned in My State, but now what??
Date: Wed, 09/13/2006 - 18:51
OK,
Some questions for the many people who are wiser than I am on this site:
As I climb back into my chair (fell out of it this morning after reading Tammy's post about CA banning PDL's :lol: ), I have a million questions I'm trying to answer:
First off, does this mean that the storefronts will be closing (I hope??)
And second, what about those of us who are currently paying them off, those agreements are still in effect, right?
And third, does this mean that Sonic's big threat of wage garnishment in my state IS DONE??????????
Oh happy day!!!! Ahhh-nold finally got a brain!!!!
Some questions for the many people who are wiser than I am on this site:
As I climb back into my chair (fell out of it this morning after reading Tammy's post about CA banning PDL's :lol: ), I have a million questions I'm trying to answer:
First off, does this mean that the storefronts will be closing (I hope??)
And second, what about those of us who are currently paying them off, those agreements are still in effect, right?
And third, does this mean that Sonic's big threat of wage garnishment in my state IS DONE??????????
Oh happy day!!!! Ahhh-nold finally got a brain!!!!
It's mentioned in the article that actions will be taken against
It's mentioned in the article that actions will be taken against four loan companies found violating the laws. The govt is not allowing the companies to do illegal business. 40 in total are still on the list.
Can you go through this paragraph in Tammy's thread?
Quote:
Operators in the business of making a small, unsecured, short-term cash advance to customers, typically cleared on payday, are required to be licensed by DOC under the California Deferred Deposit Transaction Law. To date, DOC has issued enforcement actions to 40 payday lenders operating in violation of state law. |
So, this means that storefront lenders will still be there in business. Those who are currently paying will continue doing so as long as the company is following the laws.
I hope that out of the 40 companies short listed, Sonic is kept at the top of the list.
