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internet payday loan in maryland

Date: Wed, 01/30/2008 - 08:55

Submitted by fastcast1
on Wed, 01/30/2008 - 08:55

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Total Replies: 27


I took an internet pdl with mte financial. I live in maryland and have come to find out this may be illegal. Is it and what is my next course of action


Pay day loans are not legal in your state. Pay back the principle and be done with it. 'You will need to close your account so that they do not keep debiting and taking your money.

You will find the Payday loan laws for Maryland here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html


lrhall41

Submitted by kashzan on Wed, 01/30/2008 - 08:59

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Are all payday loans illegal in Maryland. Even all payday installment loans? Can they call your employer? Send letters to your employer?
Email address removed for your protection, by Shazzers


lrhall41

Submitted by on Sat, 07/26/2008 - 10:36

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Pay day loans are illegal in Maryland. Pay the principle by mail with a receipt of payment.


lrhall41

Submitted by on Wed, 01/14/2009 - 10:11

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PDLs' aren't legal in Maryland. I agree with Kashzan, go to your bank, talk to the manager, and close that bank account (read the info on this site first about closing accounts). DO NOT let the MTE people know beforehand that you're closing the account or they'll try to bleed it dry. I would also contact the MD Commissioner of Financial Regulation at the # listed above with your problem. Just a FYI: when you've closed the account, odds are pretty good you'll hear from MTE and they'll try to tell you that they ARE legal in Maryland, even though the State of Maryland says they're not! Pay 'em no mind.


lrhall41

Submitted by on Thu, 01/15/2009 - 05:17

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I think you should at least pay the principal, otherwise you are stealing. If you signed up for it, that was your own choice.


lrhall41

Submitted by on Thu, 04/23/2009 - 13:55

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Quote:

I think you should at least pay the principal, otherwise you are stealing. If you signed up for it, that was your own choice.


I agree and disagree with that post. We advocate paying back what was deposited if the lender is ILLEGAL. However most Illegal lenders will not accept your proposed form of payment. If they are not willing to give up an address, then that is ultimately their loss.


lrhall41

Submitted by Cool_Abyss on Fri, 04/24/2009 - 08:17

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You do not have to pay anything to pay day loand in Maryland PEr my lawyer... not even principal


READ

2. A person who is neither a licensee nor exempt from licensing may not receive or retain any principal, interest, or other compensation with respect to any loan that is unenforceable under this subsection.


lrhall41

Submitted by on Wed, 11/04/2009 - 08:44

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Do not even send them the principle. It's kind of like "stealing" from a spree killer's ammo supply. You repay that principle and it will be used to finance someone else's payday nightmare. If you still feel bad about this, donate the principle to St. Jude's or some other worthy charity.


lrhall41

Submitted by on Wed, 11/04/2009 - 22:58

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PDL's are prohibited in MD, however, there are loan companies operating as CSO's (Credit Service Organization). I am guessing that Check n Go is a registered CSO. I checked the licensee data base and found no licensing for installment lender.
https://www.dllr.state.md.us/cgi-bin/fin_reg_el/rel2/FinReg_search.cgi?calling_app=Query::PQ_company1
Perhaps PDLOwner can shed some light on this.


lrhall41

Submitted by Shazzers on Mon, 01/31/2011 - 07:36

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payday loans are not illegal in maryland...they just max the APR to around 33%...which is not enough profit for those crooks...why get 33% when you can get 800% in other states...


lrhall41

Submitted by on Thu, 07/07/2011 - 11:24

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Payday lending is PROHIBITED in MD. Please get your facts straight before posting.

[QUOTE]Legal Status: Prohibited

Citation: Consumer loan act applies. Md. Code Ann. Com. Law II 12-301 et seq.

Small Loan Rate Cap: 2.75% per month; 33% per year.
[/QUOTE]


Quote:

?? 12-314. Loans at greater than authorized rate of interest


(a) Prohibited. -- A person may not lend $ 6,000 or less if the person directly or indirectly contracts for, charges, or receives a greater rate of interest, charge, discount, or other consideration than that authorized by the laws of this State.

(b) Loans unenforceable; exceptions. --

(1) A loan made in the amount of $ 6,000 or less, whether or not the loan is or purports to be made under this subtitle, is unenforceable if a rate of interest, charge, discount, or other consideration greater than that authorized by the laws of this State is contracted for by any person unless the excess rate contracted for is the result of a clerical error or mistake and the person corrects the error or mistake before any payment is received under the loan.

(2) The person who is neither a licensee nor exempt from licensing may not receive or retain any principal, interest, or other compensation with respect to any loan that is unenforceable under this subsection.

(3) This subsection does not apply to a person who is a licensee or who is exempt from licensing under this subtitle.

(c) Transactions made in another state. -- This section does not apply to a loan transaction validly made in another state in compliance with a similar loan law of that state. However, a lender may not collect an amount that is more than the total amount that would be permitted if this subtitle were applicable. This section applies to all loans made by a lender domiciled in another state to a borrower who is a resident of this State if the application for the loan originated in this State.

HISTORY: 1977, ch. 693, ?? 3; 1980, ch. 33, ?? 5; 1989, ch. 725.


lrhall41

Submitted by OhioGal1 on Tue, 05/08/2012 - 10:09

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