Washington State Laws for PDL's????

This is the information on Washington state laws on payday loans.

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Found this at http://www.langhornelaw.com/Learn_more_2005_summary_of_state_payday_loan_acts.htm

WASHINGTON

Wash. Rev. Code ???? 31.45.010 et seq.
Applicability: To check cashers who make small loans on the security of a post-dated check. Otherwise, the consumer loan act applies. Wash. Rev. Code ???? 31.04.105 et seq. (25% per year plus a 4% loan origination fee for the first twenty thousand dollars of the principal amount of the loan advanced to or for the direct benefit of the borrower, which may be included in the principal balance of the loan).

Exemptions: Any bank, trust company, savings bank, savings and loan association, or credit union and others who cash checks as a convenience and as a minor part of its customary business and not for profit.

Licensing requirements: Department of Financial Institutions enforces. Must pay a fee set by regulation; post a surety bond running to the state and bond shall be liable for damages suffered by the borrower as a result of a licensee????????s violation. Check cashers must specially apply for a small loan endorsement to make these loans. Must pay annual assessment fee.

Permitted charges: May charge interest and fees that in the aggregate do not exceed 15% of $0-$500 and 10% of $501-$700. The director may adopt rules that exempt certain fees from this cap.

Required disclosures: Must conspicuously post license in business. Must also conspicuously post a schedule of fees and charges for fees and charges. Disclosures must conform with Truth in Lending Act requirements.

Prohibited Acts: A person can not cash or advance any moneys on a postdated check in excess of the amount of services purchased, without first obtaining a small loan endorsement to a check casher. A licensee can not hold a check for later deposit.

Loan terms: A licensee may advance $700 on the security of a postdated check, provided that the time period between the date the loan is granted and the date of the postdated check does not exceed 45 days. Borrower may convert small loan to a payment plan after 4 successive loans and prior to default upon the last one. Plan must be in writing.

Enforcement: Director may serve charges upon a licensee if the licensee is engaging in unsound practice in a civil action. Any violation of the act is an unfair and deceptive act or practice and remedies available under that act apply.

None. Small loan act applies. W. Va. Code ???? 46A-4-107 (31% per year on a loan of $2,000 or less). Check cashers are specifically prohibited from making payday loans. If a person has violated these provisions, the maker has a cause of action to recover from that person the amount of the check, plus a civil penalty of between $100 and $1,000. W. Va. Code ???? 32A-3-1 et seq.

I got this letter and I was wondering if this company can actually contact my employer to garnish my wages. Please help asap. I am in Washington State and this is an internet loan.


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You need to revoke your voluntary wage assignment with this company ASAP. They WILL try to garnish you check. This company is part of another pdl that is shady and it's called Sonic. YOU NEED TO REVOKE THIS VOLUNTARY WAGE ASSIGNMENT WITH THEM AND NOTIFY YOUR EMPLOYER AS WELL. This is absolutely what you need to do with Cash Transfer. Then you need to get control of your finances. You need to put a block on the internet pdls from debiting your account, you may need to close that account and open a new one, these internet pdls are sneakyy and go by many different names and thus bypassing your block. And don't let them scare you by telling you that you comitted fraud for doing this, YOU DID NOT COMMIT FRAUD! This is the only way to take control back. You will need to work out an arrangement with your storefront pdls, they can and will take you to court because they do have licenses to operate.

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This is in the contract you signed with this company, they are the company that goes by the name Sonic. They will send a copy to your employer which has your electronic signature stating that in the event you default on your loan you are giving them permission to garnish your paycheck. Most states require a court order to garnish your paycheck, but this is a voluntary wage assignment I would not risk them sending it to my employer and the employer complying with it.

How do I revoke?

I would cover my bases, e-mail the revokation to them, mail it to them, fax it to them (save the fax confirmation as proof), and mail it to them (preferrably certified with return receipt), and by regular usps. Also call them and tell them you are doing this. Don't let them scare you and tell you that you can't, because it is your right. Trust me, this is a sneaky, crooked company they will send this to your employer. They have done it to other members on this site.

Is there a template letter for the revokation on this forum. I had aleady closed by bank account so we are good to go there. I have a new one, but I refuse to write a check to them. If they want my money they will have to settle for a money order. I am so stressed!

I'm not sure if there is one for that here but just write: As of (date) I (your name) here by revoke my authorization for (company name) to do a wage assignment/garnishment to pay back my loan.

Use the template letter in the link below and send your revocation letter to the payday loan company.

https://www.debtconsolidationcare.com/forum/template-cdletter.html

You need to send a copy to your employer through certified mail with return receipt requested.

Thanks keystrokes.

aww.. Steelers, how sweet of you.. :)

I have gone through them before. There are things that you can do.

It will cost the PDL's more money to go to court. As long as you pay them the finance charges on a constant basis they will not take you to court. I am going through this for the second time.

But if you pay the finance charges on a constant basis without anything going towards the principal you may as well burn your money, that doesn't resolve the problem.