PDL co. response
Date: Mon, 05/12/2008 - 20:26
What do I do next?
I closed out the account as I have paid them back the full amount borrowed, not including interest, I live in NJ
New Jersey State Information Legal Status: Prohibited Cita
New Jersey State Information
Legal Status: Prohibited
Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,???? 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. ???? 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. ???? 17:15A-47.
Small Loan Rate Cap
30% per year
Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes Assistant Commissioner
Regulator????????s Website
Complaint Form
Complaint Instructions
You need to file complaints against them with your BBB, FTC, and
You need to file complaints against them with your BBB, FTC, and your Attorney General's office, they illegally loaned you money when they probably knew full well that pdl's are illegal in the state of NJ. It's important that you file complaints, the more complaints received about these vicious companies, the better the chances are of putting them out of business. Tell these companies you are fully aware they are loaning money illegally to NJ residents, and you demand a paid in full letter immediately, and if you are due a refund, demand that too. Are you are morally obligated to pay them back was the principal amount, anything beyond that is what THEY owe you.
Here are some links to get you started with your complaints:
Here are some links to get you started with your complaints:
http://www.state.nj.us/dobi/bcomform.pdf
http://www.nj.gov/oag/ca/comp.htm
https://rn.ftc.gov/pls/dod/wsolcq$.startup
By the way, I am moving this to the payday loan forum.
That is exactly what you go to their processor with. That commen
That is exactly what you go to their processor with. That comment is 100% against the law and, if they were dumb enough to say that in email, that's the kind of thing that will get them dropped. I strongly suggest pursuing this. Here's 2 ways...
???? 910. Liability of financial institutions
(a) Subject to subsections (b) and (c), a financial institution shall be liable to a consumer for all damages proximately caused by--
(1) the financial institution's failure to make an electronic fund transfer, in accordance with the terms and conditions of an account, in the correct amount or in a timely manner when properly instructed to do so by the consumer, except where--
(A) the consumer's account has insufficient funds;
(B) the funds are subject to legal process or other encumbrance restricting such transfer;
(C) such transfer would exceed an established credit limit;
(D) an electronic terminal has insufficient cash to complete the transaction; or
(E) as otherwise provided in regulations of the Board;
(2) the financial institution's failure to make an electronic fund transfer due to insufficient funds when the financial institution failed to credit, in accordance with the terms and conditions of an account, a deposit of funds to the consumer's account which would have provided sufficient funds to make the transfer, and
(3) the financial institution's failure to stop payment of a preauthorized transfer from a consumer's account when instructed to do so in accordance with the terms and conditions of the account.
(b) A financial institution shall not be liable under subsection (a)(1) or (2) if the financial institution shows by a preponderance of the evidence that its action or failure to act resulted from--
(1) an act of God or other circumstance beyond its control, that it exercised reasonable care to prevent such an occurrence, and that it exercised such diligence as the circumstances required; or
(2) a technical malfunction which was known to the consumer at the time he attempted to initiate an electronic fund transfer or, in the case of preauthorized transfer, at the time such transfer should have occurred.
(c) In the case of a failure described in subsection (a) which was not intentional and which resulted from a bona fide error, notwithstanding the maintenance of procedures reasonably adapted to avoid any such error, the financial institution shall be liable for actual damages proved.
(d) EXCEPTION FOR DAMAGED NOTICES.--If the notice required to be posted pursuant to section 904(d)(3)(B)(i) by an automated teller machine operator has been posted by such operator in compliance with such section and the notice is subsequently removed, damaged, or altered by any person other than the operator of the automated teller machine, the operator shall have no liability under this section for failure to comply with section 904(d)(3)(B)(i).
[Codified to 15 U.S.C. 1693h]
[Source: Section 910 of title IX of the Act of May 29, 1968 (Pub. L. No. 90-321), as added by title XX of the Act of November 10, 1978 (Pub. L. No. 95-630; 92 Stat. 3735), effective May 10, 1980; as amended by section 705 of title VII of the Act of November 12, 1999 (Pub. L. No. 106-102; 113 Stat. 1465), effective November 12, 1999]
???? 913. Compulsory use of electronic fund transfers
No person may--
(1) condition the extension of credit to a consumer on such consumer's repayment by means of preauthorized electronic fund transfers; or
(2) require a consumer to establish an account for receipt of electronic fund transfers with a particular financial institution as a condition of employment or receipt of a government benefit.
[Codified to 15 U.S.C. 1693k]
[Source: Section 913 of title IX of the Act of May 29, 1968 (Pub. L. No. 90-321), as added by title XX of the Act of November 10, 1978 (Pub. L. No. 95-630; 92 Stat. 3737), effective May 10, 1980
