Indiana pdl laws

find your state ingo here http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

joshua, I should have known I could count on you! You're awesome! Now, can you help with deciphering it for me? Does this mean that internet pdl's are legal? Or just store front in Indiana? And when it says maximum amount is two loans, doesn't that mean store front? Also, (please excuse me for asking so many questions!) it states no rollover/extensions. Which means all these internet pdl's that charge their rollovers/extensions are illegal charges? I'm trying to figure out if an internet pdl can take you to court to get their "fees". If, in fact, internet pdl's are even legal in Indiana. ANY help is so greatly appreciated!

I remember reading on the forums that as of July 1, even the internet ones have to licensed in IN, or they are considered null and void. So if they are unlicensed, they cannot take someone to court because techincally and legally there is nothing for them to collect.

joshua, you know I'm beginning to love you! LOL! But what about internet pdl's you have BEFORE July 1? If they are not licensed in the state of Indiana - which they are not - are the contracts enforceable? Of course they're not complying with Indiana law regarding rollovers, etc.... You know the game. However, is it the same, like you only owe what your state law permits? Like a store front pdl? These internet pdl's are claiming outrageous fees and talking about arbitration and court. Now, from what I understand, they can't do that if they're not licensed to conduct business in Indiana??? Because technically the contract was made in THEIR state and of course they go on and on about their state laws. What if they're not licensed in Indiana at all?

Well, I wish the love would continue, but I don't have all the answers! :( I would think that if they're not licensed in Indiana and the internet pdls were made before July 1, the honorable thing would be pay the principal and let them suck up the rest. They would have to abide by IN rules if their customer is in IN. Someone please correct me if I am wrong though.

I love you too Josh!!!

joshua, the loves continues! Thank you for posting that, which clarified quite a bit. And, also, I do agree with you regarding internet payday lending. From what I understand, principle amount only should be paid. morningstarr, can you see past the ugly black clouds of threats and lies now??? Love you! :)

I am beginning to....thanks Cannr!!!

Sorry I thought I was still loged in!!

Hooray for the love! :)*hey does anyone know how to activate more of the smilies when replying??*

morningstarr - it's getting clearer. You're not as bad off as you thought. Just keep doing what you're doing. You're going in the right direction. And, joshua, you don't need smiley's on your replies, honey! You need BIG HEARTS!!!!! :D

I guess I just wanted someone to tell me yes...acording to the law they are illegal and you don't have to pay $00000. over the principle to be free of them. Sometimes I feel like this will go on forever if I don't just make arrangements to pay them off...:(

I would guess that before July 1, 2007, the law was unclear as to whether internet pdl's had to be licensed, although the intent of the previous law was clearly to include them. IN probably did like OR and found that internet pdl's were dificult to prosecute because the laws were unclear regarding them. So they beefed up the laws to specifically include them.

I would say that the intent of the previous law was to cover all payday loans made to IN residents. The fact that IN invesigated several companies proves that they intended the old laws to apply, but found that prosecution would be difficult. They wouldn't have bothered investigating if they didn't think there was a law being broken.

Morningstar - I agree with everyone above. This new law just tightens things up.

OK- Tweety71 here is from Indiana and I would like to know because I have not be in the "known" for a long time here now.......about the loans in IN....I know all of mine are not licensed for our state....My question is I know morally you should pay them back but I dont understand the part in the above post about if they are not licensed then they should be voided?

Where can I get a copy of that above post from Joshua?

I remember reading on the forums that as of July 1, even the internet ones have to licensed in IN, or they are considered null and void. So if they are unlicensed, they cannot take someone to court because techincally and legally there is nothing for them to collect.

I wonder if you can make a copy of that and send it to the CA along with a ceast and desist letter?

It's saying something about a law from July 1, 2007. So if it was a loan after that date, why not? If it was before that date, then I don't think this would apply. Anyone feel free to correct me if I'm mistaken.

I have just filed a complaint against MTE Financial Services with the Indiana Attorney General, also the Federal Trade Commision and the BBB of New Mexico. If more of us would also file complaints with the Federal Government, then not only will the states have some legal authority, but because these transactions are across state lines, the Federal Government can also stop them.

ldy, we all file complaints. That's one of the first pieces of advice given if these pdl's are illegal. We advise to file complaints with the BBB, the FTC, and the state AG.

can you print out the thread that has the IN laws on it and send them to CA's?

tweety, do you need the Indiana law posted so you can print it? Here it is, if you do. :D
You will find the Payday loan laws for Indiana here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Thanks hun! you're the best!

I'm wanting a copy of the post that Josh put on on site about the new law........I want to send that as well...

I'm going to pm josh to see what we can do. Maybe either post it or pm it to you. Hang on and I'll send a pm. :D

Sounds good!

Hang in there, tweety. I sent the message. We'll just have to wait for joshua! :D

Actually the original post on the July 1,2007 law was mine. And when I questioned the AG about it I was told...if the ipdls makes 25 loans a year after that date he must be licensed. A call Goudah made to the office on my behalf...the lady told her, they always intended the ipdls to be illegal if not licensed but the law became grey. I have filed with the AG and so far have 3 PIF out of 5...we are waiting on my cash now and GFSIL...who did reply but said they were waiting for my response which I sent last week.

Tweety I pm'd you a copy of the laws last week...

I think I'm more confused then everyone else! LOL! I'm referring to this letter:


Quote:

I originally found the letter on the web page of the Indiana Department of Finance...you can get there through the AG web page...and print it out from the original..I found it while searching payday loan laws in Indiana.

Thank you, morningstarr! Our resident Indiana expert! :D

I don't know if sending that letter to CA's would work unless the pdl was taken out after July 1. While the law before intended for internet pdl's to be covered, it wasn't explicitly stated. Hence the new clearer law. But sending that to a CA wouldn't do much if the debt is older then that, which I would assume it to be since it's at a CA . . . . .

Hello my friends!

OK- I'm reading about this new law that passed in July about payday loans.....So, explain to me in big large letters please :D ...IF I or anyone else took out a pdl after July of 2007.........and the company was not licensed then it is?.............

:shock:

tweety,
If a creditor has violated the provisions of this article that apply to the authority to make
consumer loans (IC 24-4.5-3-502), the loan is void and the debtor is not obligated to pay
either the principal or loan finance charge, as set forth in IC 24-4.5-5-202.???????

tweety,
You are advised to Cease and Desist the offering of these types of loans to Indiana
residents unless/until you have obtained the proper Indiana loan license. Consumers will
be advised that these loans are not in compliance with Indiana Statutes and that these
loans are considered null and void, and as a result, uncollectible.

Thanks CANNR! :D

but morally you should pay them back?!?

AND-What about the ones I got last year that I'm still fighting them on?

I just think this sounds too good to be true

Tweety - Why did you take out more payday loans?

I didnt.....I'm just saying what "if" I did......This all just sounds too good to be true....Morally though you should pay them back right? My gf took out 1 from 500fast cash- and I'm telling her about the laws and she's paid back 75.00 so far- but 500fastcash is not licensed in IL...I've learned my lesson trust me.

woohooooooooooooooooooo

I have a $300.00 pdl with Geneva Roth, and they said they were only going to take 90 dollars each payday out to renew the loan. I never got any papers to sign to get the money, but I did talk to someonw on the phone to give them the information to take it out of my account. They hit my account the next week, and seem to be hitting it every nine or ten days. This has left me with a negative balance over 256.00, plus the money they put in the account.

Is this company even licensed in Indiana?

cwynns, Did they deposit the money into your account and how much have they debited so far? As far as I can tell, and someone will correct me if I am wrong, they are not licensed in Indiana. Can you close your account or atleast get your bank to stop allowing the debits to go through...here is a thread to read which will help you when you talk to your bank...There are many members here who will be able and willing to help you. It would be very beneficial to you to start your own thread, post what you posted above and the answers to my questions. It is easier for you to find your post again and it is easier for us to find you. ALso, all your information will be in one thread which will make it easier for you to refer to. I jus twant to make sure you receive any and all help or information you need.

http://www.debtconsolidationcare.com/paydayloan/close-account.html

So, you got the loan, however, you didn't get any documents? It seems as though they are debiting you every two weeks? Are they debiting the $90 each time? And you have nothing as far as paperwork? Just a verbal agreement over the telephone? I just want to be sure I'm understanding this correctly. And, as roxy asked, how much have they taken out of your account so far?