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Need to find michigan statue laws

Date: Fri, 11/03/2006 - 12:15

Submitted by good4me
on Fri, 11/03/2006 - 12:15

Posts: 12 Credits: [Donate]

Total Replies: 4


Can you help me find michigans laws regarding pdl's
I'm not sure where to look. I posted earlier on Antilles Venture.


Here is the law in MI

Quote:

Legal Status: Legal

Citation:
Public Act 244 of 2005

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
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 with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing, MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978
http://www.michigan.gov/cis/0,1607,7-154-10555---,00.html


lrhall41

Submitted by keystrokes on Fri, 11/03/2006 - 12:21

( Posts: 495 | Credits: )


So can you tell me if this is correct on a loan of $300.00 they can legally charge me $42.00 a week in interest.What about if they charged my account 90.00 a week in interest for 8 weeks then I paid the loan. Antilles Venture still contends this loan is unpaid, Got my new checking account number and began debiting money out of a completely diffent account without any signed authorization is that legal


lrhall41

Submitted by good4me on Fri, 11/03/2006 - 12:57

( Posts: 12 | Credits: )


The maximum interest fees are given in the post above. Antilles is charging more than the laws. Besides, it is illegal to do unauthorized debits from a checking account. The agreement should be in papers and your signature should be there. File your complaint with the regulator contact given above. Make them aware of this company's illegal tactics. Though you may not be interested in changing your account yet again, but you should at least talk to your bank and block them from doing further debits. Your money is going to the wrong place and for wrong reasons.


lrhall41

Submitted by keystrokes on Fri, 11/03/2006 - 13:06

( Posts: 495 | Credits: )