Please forward me your experiences with internet pdls
Date: Fri, 09/15/2006 - 14:46
After speaking with Dept. of Financial Institutions today I was encouraged to start contacting my state's representatives and senators to share my experience with internet pdls to draw attention to this practice and to ask for legislators to act on the matter, anyone from OH could you please pm me to share your experience,(horror stories/etc..) I would like to forward these experiences with my letters which I am going to forward to my representatives and hopefully this will be start in getting laws enacted to protect consumers in the future. Thank you.
Your move sounds right against the payday loan companies that ar
Your move sounds right against the payday loan companies that are using illegal means of making money. Be advised with the State laws in Ohio for a better approach.
Quote:
Legal Status: Legal (Applies to check cashers only) Citation: Ohio Rev. Code Ann. ???????? 1315.35 et seq. Loan Terms: Maximum Loan Amount: $800 Loan Term: Max: 6 months Maximum Finance Rate and Fees: $10/$100 + 5% 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: One Rollovers Permitted: None (cannot refinance) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages Criminal Action: Not Specified |
If you have any company to complaint against, contact the Ohio Division of Financial Institutions at
Address: 77 South High Street, 21st Floor Columbus, OH 43215
Phone: (614) 728-8400
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance
State Regulator of Ohio
I'm doing this at the suggestion of the Commerce Dept of Financi
I'm doing this at the suggestion of the Commerce Dept of Financial Institutions who enforce the laws, they want to see more specific laws directed towards the internet pdls.
First and foremost, internet loan companies must be licensed in
First and foremost, internet loan companies must be licensed in the borrower's state before lending. Most of them are try to surpass this legal part and hence violate the laws. The dept. of finance has the licensing info of the internet loan companies doing legitimate business. I wonder they might be a few/ none.
