How do you interpret this?
Date: Thu, 03/22/2007 - 23:13
Also, I was reading that deferred presentment loans (payday loans) in the state of Arizona must have a contract signed by both parties. If I did one over the phone where they recorded it and no "signed" document was presented does that make it illegal as well?
I'm not a lawyer, but it sounds as though if a person borrows mo
I'm not a lawyer, but it sounds as though if a person borrows money from a lender operating illegally in AZ, then the borrower does not have to repay anything.
Interesting...
In general, and this goes for all states, any contract done ille
In general, and this goes for all states, any contract done illegally is void/voidable. AZ seems to have gone the extra step and actually spelled it out on paper. Illegality of the subject matter would be your defense if they tried to sue you.
However, you do need to se sure the lender is operating illegally (wihtout a license). Not sure what AZ laws are, but look at PA. In PA payday loans are illegal if you are chartered under that state - but PA allows payday loans if the lender is licensed through another state entity.
Before you tell all you're IPDLS that you're not paying anything because the contract is illegal, you need to make sure that the lender is definitely required to have a license issued by the state of AZ.
The gentleman I spoke with at the State Banking Department advis
The gentleman I spoke with at the State Banking Department advised me that internet loan companies are not licensed in the state of Arizona...just storefront.
I would call him back and ask him if the ipdl is licensed in ano
I would call him back and ask him if the ipdl is licensed in another state does that give them lending right to AZ consumers?
