Response from Rio Resources
Date: Sun, 10/01/2006 - 20:23
This is part of the letter I rec'd from Rio Resoources regarding my dispute and request for settlment. I know that each state has laws regarding payday loans so does this make sense?
Again, while the information that you have collected may apply to companies that have physical locations in your state, it is our opinion that it does not apply to our internet business model. This is based on sound advice from our legal department. In addition, the Legal Disclosures provided for customer reference at our website state the following:
Regardless of where you may be viewing or accessing this site, you as the borrower are responsible for complying with any local statutory obligations that may exist in your state or area with respect to this transaction. The Federal laws and laws of the jurisdiction in which the Lender is located governing this consumer loan agreement may differ from the laws of the state where you reside. If you do not want to enter into a consumer loan agreement with us under our terms, then you should apply for a loan at a provider located in the state where you live.
The money was lent to you in good faith with the understanding that you would abide by the terms detailed in your loan contract. We upheld our end of the agreement by crediting the funds to your account in a timely manner. The Loan Note and Disclosure that you e-signed and thereby agreed to is very detailed and clear so as not to cause any confusion to the borrower, and meets all the Truth-In-Lending and Reg Z requirements as prescibed by Federal statute.
Again, while the information that you have collected may apply to companies that have physical locations in your state, it is our opinion that it does not apply to our internet business model. This is based on sound advice from our legal department. In addition, the Legal Disclosures provided for customer reference at our website state the following:
Regardless of where you may be viewing or accessing this site, you as the borrower are responsible for complying with any local statutory obligations that may exist in your state or area with respect to this transaction. The Federal laws and laws of the jurisdiction in which the Lender is located governing this consumer loan agreement may differ from the laws of the state where you reside. If you do not want to enter into a consumer loan agreement with us under our terms, then you should apply for a loan at a provider located in the state where you live.
The money was lent to you in good faith with the understanding that you would abide by the terms detailed in your loan contract. We upheld our end of the agreement by crediting the funds to your account in a timely manner. The Loan Note and Disclosure that you e-signed and thereby agreed to is very detailed and clear so as not to cause any confusion to the borrower, and meets all the Truth-In-Lending and Reg Z requirements as prescibed by Federal statute.
Yes, But don't these laws also apply to them? In reading this,
Yes,
But don't these laws also apply to them? In reading this, I interpret it as saying that you have to follow the local laws, but they don't?? Sounds fishy--and I would forward that to your state's AG office!
these guys are really getting brave..I remember when they couldn
these guys are really getting brave..I remember when they couldn't wait to hand out refunds. Don't give up, keep fighting them.
From what I was told, it should apply to them as well. What sta
From what I was told, it should apply to them as well. What state do you live in?
