Internet payday loans (IPDL) State of Tennessee

They will indeed call you back. I had to enlist their help on several occasions. TN looks down on the online pdl industry and they will refer you in the right direction.

I think what I will do is document every step of the process and post it here so lurkers and members can read how it works and what you have to do to get these people stopped or at least reported. Sometimes it helps to see the process unfold in front of your eyes.

Tammy maybe you could post here what your process entailed with the State of TN and what your results were.

back later with an update....

I have posted my steps all throughout the forums in battling the pdls. I recieved help not only from the TN compliance division, but from the Nevada consumer protection and AG's.

What kind of help did you receive from the TN compliance division?

UPDATE

Mr Alan Smith called me back from the State of Tennessee and we had a nice chat. He told me that IPDL fall under the Defered Presentment Services Act
http://www.state.tn.us/sos/acts/100/pub/Pubc0255.HTM
and that as of today IPDL are walking a fine line and that they fall out of the jurisdiction of the state. He stated that a Mr. Steve Henley who is the Director for Licensing was interested in my call. He also stated that complaints to this division were sporadic. I asked him what could I do to get this industry regulated or shut down in TN and he state three things.

Contact the FTC directly regarding threats and intimidation by the collectors
File a complaint with the the department whether online or by mail
http://www.tennessee.gov/tdfi/crd/complaintprocess.html
Contact your State legislature, representative and senator regarding these companies

Ashley, you are doing good by helping people in their fight against payday lenders, especially the illegal ones. This thread shows how much you are dedicated towards people in your state and keeping touch with the govt. We will be glad to hear when you have any good news about your state.

Tammy, you can also compile in this thread. Experience matters and you have a great amount of it.

Ultimately, this thread is going to tell something about Tennessee and help people in their way.

So what your saying is that TN told you that IPDL's are okay if they are licensed

No Mr. Smith stated that right now the State of TN has no jurisdiction over IPDL as the statue is not clear enough in regards to IPDL companies. That is why this particular department wants more complaints filed with them and residents of TN to contact their respective reps, senators and congressmen. More later

That is why we post file complaints with the AGs office. This is the same thing OH wants, more complaints. I sound like a broken record in my posts when I always say get those complaints in ASAP, OH AG and Division of Financial Institutions want them.

I am going to try and set up an appointment with these two particular people so i can speak with them face to face (phone calls are so inpersonal)

footnote to previous post, tommorows tasks

Call Mr. Smith and ask for face to face time with him and the director
request documentation from IPDL I have out so I can file a formal complaint (my mother always told me to hold onto paperwork, UGH)
Notify or submit article/news suggestion to local papers and television stations.

That is my task list for tomorrow becuase today's business is done.

Quote:

I have sent in complaints in the State of Ohio. Some with more luck than others. After reading the article that Amy shared with us in another forum, I'm going for round two. I agree that we must ban together to get rid of the predatory lending. They must learn that they need to follow state laws or get out of dodge.

First off I filed complaints against all the pdls that we had for harassment and threats with Consumer Division and they called and sent me official complaint forms to have put on file and they sent everyone of the pdls a letter demanding reasons for the harassment/threats and some responded with that they haven't talked to anyone. So those ones I filed complaints against with the Tennessee AG and his office sent letters and Sonic, Rio, United Cash Loans stated they would offer arrangements and low and behold they lied and kept harassing. So, I updated the complaints with tape recorded conversations. The AG received responses again full of lies, and the online pdls kept done their thing. It took several complaints before the online pdls would actually stick to the letters they sent back to the AG. But this only lasted 1 month. I have several complaints on file here in Tennessee. Then I contacted the Consumer Protection of Nevada and received alot of help from David and Rose in regards to United Cash Loans. I found out they were not at the address they were using and their response letters came from California, Nevada, Oklahoma. Which that in turn made them even more suspicious. Then I contacted the COnsumer Division in New Mexico and found out that Cash Advance Network had their license revoked for failure to comply with the terms of licensure. They were giving false addresses and when the addresses would be investigated they found them to be empty buildings.

I will post more once I dig out all my info.

Okay well I was delaing with the car debt today so all i got done was notifying the news organizations in regards to IPDL. I notified the 4 local television stations and our local newspaper. I will see what kind of response I get from the news and keep you all updated. Tammy thanks for the information. I am off to work.

I did that here. And a local tv reporter did a short story about them.

hey thats great to know thanks, gives me hope that maybe they won't ignore my emails

Somebody will pick it up, they never knew internet pdls existed until I contacted them, they were interested and I'm keeping them updated on the situation and the progress of my complaints. I think somebody will pick it up.

I live in TN and had Payday loans previously and actually have a new one now whom I thought was a trusted company. Anyway, Ms. Ann Davis from Tesoro Investigations just called me at my place of employment and said she was investigating/trying to find me for Violation of Banking Laws and Internet Fraud. She said I could pay $350 over the phone right now or they would have the local police department pick me up and put me in jail which would cost an additional $1,500 in court costs and an $1,800 cash bond. This is from a loan I had with Global Group Holdings LLC according to her in 2010. I paid one of these companies over $800 for a $200 loan at this time and have not heard a word until today.

They are a scam. They are feeding you crap. Debts are civil not criminal. You cannot be arrested. I would notify your state AG and the FTC. If you receive any further calls from them, simply ignore and hangup.

I guess I should also check into this new one I received. According to TN law they cannot charge you more than $30 or 15% and I'm being charged $105 for a $350 loan.

If anyone can confirm whom I would contact in the state of tn, please let me know - is the AG the only one to give me answers other than paying for an attorney I can't afford?

check with your state's department of financial regulation

Often times the threat of filing with the State AG or the Banking Commission is enough to get a favorable settlement or outright forgiveness.

These companies follow the path of least resistance.

Contact your lenders with your progress so far and they will change their tune.