Change to Indiana Small Loans/Payday Loans statutes
Date: Fri, 03/07/2008 - 06:07
Yesterday I received a letter from the Indiana DFI, Department of Financial Institutions.
As I read the letter it states:
"A change to the statutes which took effect July 1, 2007, IC 24-4.5-1-201( 8 ) reads "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.
So everyone who lives in Indiana can also use this in their cease and desist letters. I hope this helps others.
As I read the letter it states:
"A change to the statutes which took effect July 1, 2007, IC 24-4.5-1-201( 8 ) reads "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.
So everyone who lives in Indiana can also use this in their cease and desist letters. I hope this helps others.
Indiana laws
Wouldn't it be great if every state followed the example of Indiana? Gives you hope anyway.
Thanks so much for the info. I can only hope that every state fo
Thanks so much for the info. I can only hope that every state follows this.