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Rio resources - just got off the phone w/dept. Of consumer..

Date: Fri, 02/02/2007 - 13:18

Submitted by Thereisaway
on Fri, 02/02/2007 - 13:18

Posts: 17 Credits: [Donate]

Total Replies: 21


Just got off the phone with Jerry from the State of Oklahoma Department of Consumer Credit regarding Rio Resources. As I had stated in my other posts, I'm from New York and I do have a current loan with Rio Resources and I wanted to actually talk to somebody who is familiar with this situation. Here's what he said:

1) It's quite possible (not confirmed) that Rio Resources operating in Miami, OK is a sovereign nation. If that is the case, then they (meaning OK) might as well be talking to somebody in France (meaning it's pretty much impossible to fight).

2) They (the SOA DOCC) has written letters (1/8/07) but they have not responded.

He said it's going to be a huge fight but they aren't going to give up. He also said that this letter doesn't mean perse' that I'm discharged of this loan...however I should be because I live in NY State.

I had said "It's amazing how these companies skirt around the law" and he said "NO! They are BREAKING the law!"

Anyway...just wanted to post this.


[quote]I have filed with AG of NYS. The link that you provided to me is...how do I say it without sound stupid....ummm...unclear?

It says that it is "Prohibited" but under the Citation it says they can do it with a license and that the rate that applies is by contract. Then it says that the cap is 25%. To me that is three different things

1) Payday Loans are Prohibited in NYS
2) Payday loans are not prohibited but can do it with a license
3) Customer must pay interest agreed to by contract.
4) Interest cap is 25%

HUH???
*continued*


lrhall41

Submitted by texasconsumeractivist on Fri, 02/02/2007 - 16:48

( Posts: 664 | Credits: )


PDLs are illegal in NYS. In order to provide a loan to a consumer, they MUST be licensed in NYS to do so. Since these pdls are illegal in NYS they can not conduct business with NYS consumers. Get your complaints in. You are only obligated to pay back the principal, and if you have done this by paying those "roll over" fees over and over then demand they mark your account paid in full.


lrhall41

Submitted by WHEREAMI? on Fri, 02/02/2007 - 16:50

( Posts: 5263 | Credits: )


Thereisaway? You were given the link the first time around to assist you in determing if it's legal or not. Since you live in NY State, it might behoove you to look into the "double speak" contained in your state's law...only the good people of New York State can do that.



***********************************
What you are saying is; you are a legal resident of New York State & even though you most likely had prior knowledge of your state's law against iPDL & PDL loans, you violated it anyway.

Yes/No?


lrhall41

Submitted by texasconsumeractivist on Fri, 02/02/2007 - 17:03

( Posts: 664 | Credits: )


Sometimes the lending laws by state can be very confusing. I was able to understand Ohio's better by actually speaking to someone at the division of financial institutions. At least Oklahoma is beginning to fight against MTE. I think we need to get those complaints into Oklahoma if any of us had any dealings with them or their affiliates in the past. I know I had dealings with a few and overpaid them all. At least the complaint will be on file and that is a start :lol:


lrhall41

Submitted by Cow & Chicken on Sat, 02/03/2007 - 04:42

( Posts: 3571 | Credits: )


Say there Thereisaway! checking into this "Jerry" person you talked with at OSDCC......you simply are not going to believe what I found! I am simply shocked I tell ya, shocked! In fact, it's seared, seared into my memory now! My goodness gracious....check this out y'all!

Link here:

http://www.okcommerce.gov/index.php?option=com_content&task=view&id=136&Itemid=626

Holler back at me if all y'all can find any person named "Jerry" on their staff role call....Jeremy doesn't count as "Jerry".



;)


lrhall41

Submitted by texasconsumeractivist on Sat, 02/03/2007 - 08:16

( Posts: 664 | Credits: )


Just an observation: Texasconsumeractivist, the OK Dept of Commerce and OK Department of Consumer Credit are two different agencies, therefore the person she spoke with would not be listed on the website you provided.

Here are the names that I was given via email with the
OKDOCC :


lrhall41

Submitted by HUDiva on Mon, 02/05/2007 - 08:36

( Posts: 90 | Credits: )


Thanks HudDiva, I tried posting this same thing, but it never got posted.

I spoke with a Jerry Wagner from the consumer credit division as you stated. Thanks!

Also to texasconsumeractivist: No, I did not know it was against NYS law before I took out the PDL loans. I didn't realize it until I couldn't pay them back and then did some research on these companies, only to find this website!

Thanks.


lrhall41

Submitted by Thereisaway on Mon, 02/05/2007 - 08:45

( Posts: 17 | Credits: )