Information on CFSA-EPP for PDL fourm

Wow, why wouldn't the state allow an EPP? That's maddening. :?

I bet it depends on how strong the PDL lobby is in that state. Wanna make a bet?

roxy, not all storefronts in KY won't accept the EPP. I think it's just certain ones. Which I do find surprising. I did use the EPP on a storefront in KY not long ago.

The storefront I talked to said they do not and that is ok. I was just shocked at what CFSA said and I posted becuase we use them as a resource. I wanted the mods to know that there is a loophole in some cases. I was told by the girl at CFSA that the law for KY changed at the end of 2007.

roxy, so what you're saying is that at the end of 2007, KY no longer offers CFSA/EPP????

According to the girl Katie at CFSA. There was some change in the law around that time. How would I find out if that is true and where and when the laws changed. I looked at the OFI web site and I am lost.

roxy, email the department of financial instituations. That's who always helped me with all my pdl questions. I'm just REALLY confused here. However, it was before the end (I think??) of 2007 when I invoked the EPP at the KY storefront. Also, I know for a fact their sign is still up advertising CFSA in their lobby. And, one other storefront that comes to mind as a member of the CFSA, has it posted on their bulletin board in the store (it's a pawn shop). So, I'm REALLY confused here. I wish I had my contact information here at work for who I emailed at the department of financial instituations. I swear, I just went to their website and there was a way to email. I think his first name is "Chris", if I remember correctly.

Cannr - It was:

Chris Thompson
Compliance Branch Manager

Thanks Goudah. I really would like to understand all this. It is frustrating when you are trying to help someone and what you thought was correct information isn't.

I will email him and see what his take on the situation is. Thank you both.

Thanks, goudah! :lol: I'm glad you're here!!

Here is the response I received:

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Interesting . . . . .

I actually find this horrible. I mean, what they're basically saying is "gee, they should do this, but it depends on them". Uhhh... thanks! Apparently I got my EPP before they decided it wasn't going to work in KY (for whatever reason).

I think it may have to do with the length of the loan term when doing an EPP . . . It may make the term of the loan longer then the law allows.

I don't know, goudah. The EPP says you set up payments coinciding with your paydates. Say you get paid every week, then your loan would be paid off in one month (30 days). Say you get paid every two weeks, your loan would be paid off in two months (60 days). The KY pdl law says - Loan Term: 14-60 days. This is why I'm soooo confused.

But what if you are paid monthly?

And there are no rollovers allowed - If the loan term is set for X amount of days, the payment plan could be considered an extension of that date.

Ahh.... that might pose a problem. Since the EPP is for 4 equal payments coinciding with your paydates. That would make it FOUR months. Ohhh.... I don't see that happening! However, here is what confuses me. I knew I did it myself and also saw a post on here from another KY resident. I'm copying their post here for you to see. I did my EPP with Quik Cash. This member is doing their EPP with Quik Cash and Cash Tyme. However, others wouldn't let them do the EPP. How in the hell can some allow it and others not? They are ALL in Kentucky!

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I guess then she is the lucky one....

My question, how can they say the state of Kentucky won't allow them to do the EPP if some storefronts are and some aren't. Don't they all have to go by the Kentucky state law? Am I totally missing something here?

Apparently some storefronts choose to be helpful and others do not. That is all I can come up with. :?