Minnesota Laws Changed 8/1/08 - See Below
sent cease and desist letter....
They stopped harassing me. Then sold the account to Enhanced ACQ and now it is on my credit report.
well then
you dispute it as an illegal debt.the JDB can't verify,or provide any proof of the debt.dispute it off.then file AG,AND FTC complaints against both whichever lender this was,and enhanced acq.
I also found this: 56.19 VIOLATION. Subdivision 1. Crimi
I also found this:
56.19 VIOLATION.
Subdivision 1. Criminal penalty. Any person or the several members, officers, directors,
agents, and employees thereof, who violates or participates in the violation of any of the
provisions of sections 56.01 and 56.18 is guilty of a gross misdemeanor.
Subd. 2.[Repealed, 1983 c 252 s 16]
Subd. 2a. Penalty for intentional violations. Any lender intentionally violating this chapter,
when the violation does not also constitute a violation of any other provision of state or federal
law for which there is a remedy, shall be liable to the consumer in an amount not to exceed
$100 for each violation.
Subd. 3. Unlicensed lenders. If a person has violated this chapter by not obtaining a
license when required to make loans subject to this chapter, the loan is void and the debtor is not
obligated to pay any amounts owing. The debtor may recover from such persons all amounts
paid. No action may be brought under this subdivision more than one year after the date of the
last scheduled payment on the loan.
Subd. 4. Remedies exclusive. The remedies set forth in this section and section 48.196 are
exclusive. A violation of this chapter does not impair rights on a debt.
History: (7774-59) 1939 c 12 s 19; 1981 c 258 s 18; 1Sp1981 c 4 art 4 s 13; 1983 c 252
s 13; 1Sp1985 c 1 s 22,
Payday lenders have until 12/1/08 to get licensed.
This is all confusing language. So is there a place where we can
This is all confusing language. So is there a place where we can find out which ones are licensed/legal and the ones that are not? Thank you
"Subd. 3. Unlicensed lenders. If a person has violated this chap
"Subd. 3. Unlicensed lenders. If a person has violated this chapter by not obtaining a license when required to make loans subject to this chapter, the loan is void and the debtor is not obligated to pay any amounts owing. The debtor may recover from such persons all amounts paid. No action may be brought under this subdivision more than one year after the date of the last scheduled payment on the loan."
does this mean that if i have a PDL with a company that is not licesensd, I dont have to pay anymore than I already have?
I am in MN, and I understood that "Subd 3." as the lender is not
I am in MN, and I understood that "Subd 3." as the lender is not licensed, therefore, the contract is void. Honestly, I didn't pay any of my illegal lenders back what I borrowed due to the fact that I had reloaned on all of my loans and made 0 payments before my bank account was closed. I pulled all bank statements and showed them all the money they got from me on illegal loans and that I wasn't paying them any more. I just kept sending the same email whenever they contacted me and actually 3 of them gave me PIF's. 2 haven't said anything to me in 4 months, and the other 2 I just paid off (they were legal).
Morally, you should pay back what you borrowed, and I morally did on previous loans, but that is my opinion. I paid 1 illegal lender $2,000 on a $500 loan. I didn't feel guilty about not paying them another $500. They still made a $1,000 profit off me. And they sent me a PIF.
Ok I have a loan with ameriloan are they legal? I have read on h
Ok I have a loan with ameriloan are they legal? I have read on here that they are not legal anywhere?? If that is true cause i live in mn I dont own them a penny!!!
You would still owe them the principal...not the interest or fee
You would still owe them the principal...not the interest or fees.
Are VIP Loan Shop and MultiLoanSource.com Legal in MN?
I had to close my bank account due to them charging me ridiculous amounts of money, and when I tried contacting them to pay off my debt they never replied back. Now almost a year later they've sold the debt to scavenger collectors, one of them Mariner and Associates. When I asked for a validation letter from them they stated that i would not received one because they were not intending to collect on the debt but that I was being sued. What can I do? Any info will be greatly appreciated.
Both loans are illegal in the
Both loans are illegal in the state of MN. Do you have the phone number they were calling from?? You need to send them a cease and desist and report then to the MN state AG's office.