can someone please help
Date: Sat, 06/02/2007 - 13:57
Quote:
Enclosed is a copy of your consumer installment loan agreement electroniclly signed on on april 5, 2007. In the upper right-hand corner of the agreement under lender is listed first bank of deleware. Under the section entitled "parties" the second sentence reads: the words Bank, we, our, and us mean first bank of deleware, an FDIC-insured bank.... The state laws governing this loan, therefore are the laws of deleware. this is disclosed on the loan agreement under " govering law and assignment. This loan agreement is made under and is to be constructed in accordance with federal law applicable to deleware bank and to the extent not to preempted by federal law without regard to internal principles of conflict of laws, the laws of deleware. Moreover to the extent that California law may apply, only those statutes applicable to an unsecured out-of-state bank loan are relevant- not the California deferred deposit transaction statute referenced in your correspondence. it also states my account continues to accure intrest. I really don't understand this letter. Please i need help understanding this letter and what to say when i reply. Also has anyone delt with purpose loans before? |
They don't need to be licensed in your state. Purpose Loans is
They don't need to be licensed in your state. Purpose Loans is First Bank of Delaware. Federal law specifically allows an FDIC-insured bank in one state to make loans to residents of other states under the laws of the bank's own home state. That's why most Visa and Mastercard credit cards are issued by banks in South Dakota and Delaware.
This is probably the only internet pdl you have that's "legal" in CA. I'd suggest you make the best deal you can with them as far as payment arrangements. Otherwise pay them in full and concentrate on fighting your other ones. At least with those you can contact the AG and the Dept. of Corporations if you can't work things out.
I have to concur with FreakyFriday's post above - an FDIC-insure
I have to concur with FreakyFriday's post above - an FDIC-insured bank is nothing to mess around with. Work with them the best you can to make payment arrangements and be done with it - otherwise they can pursue you for it.
I found this. does this make any difference????? theres more but
I found this. does this make any difference????? theres more but here is some of what i found.
Quote:
Unlawful practice by First Bank of Deleware.... First Bank of Deleware, a bank chartered in the state of Deleware, has been in the buisness of offereing payday loans and short-term installment loans through unaffiliated third party marketers an brokers. First Bank of Deleware has repeatedly repersended in public filings that it will leave the buisness of offering these payday and installment loans to consumers through the intermediary of third party retail vendors, but despite its repeated representations to that effect it has not yet done so. Notwithstanding its repersentations, First Bank of Deleware has not ceased offereing payday loans through unaffiliated retailers because it permits check n go and check n go online to purport to offer loans made by First Bank of Deleware that require consumers to supply access to their checking accounts as collateral, in violationof the California deffered deposit transaction law. First Bank of deleware unlawfully aids and abets violations of the California Finance lenders law. |
You can contact California's Dept. of Financial Institutions, (i
You can contact California's Dept. of Financial Institutions, (it's probably under a different name, somebody from California will probably know) They will have an answer for you.
o8sisgirl - I feel Steelers is correct - you definitely need to
o8sisgirl - I feel Steelers is correct - you definitely need to take this up with someone in your state's government in light of what you've posted above.
Have you reviewed the payday loan laws for California? If not, go to paydayloaninfo.org and click on "state information" and then click on your state on the map to obtain the law for your state. You will find the contact info for your government official there.
yes i have reviewed the payday loan laws for California and wrot
yes i have reviewed the payday loan laws for California and wrote that in my letter to Purpose Loans. I have also filed a complaint with the attorney generals office but haven't heard anything. I will contact my state goverment. I'm just wondering if i should just write Purpose Loans and tell them about what i know?
loan
I agree with Steelers contact someone immediately. I know here in WV the Attorney General and the FDIC shut down our storefront because they did not follow the interest this state allows. All payday or INSTALLMENT loans will state that you have to follow their state rules and that is crapola. They must follow the laws in the state where the borrower resides. There are some states that allow loopholes but I still think it could be won. KYSIDE38
