HELP! Am I bound to my state state or the payday lender's state laws?
Date: Fri, 10/24/2008 - 09:13
Hi. I previously listed a topic as Greenlight Funding but didn't really get much response. I am hoping someone may be able to help me with my question.
I live in CA. I am now aware of CA payday lender laws as to limits, finance charges, collection efforts, etc. but what I need to know is the following:
If I applied, via internet, for a payday loan from a lender outside of the State of California but that lender is not licensed in California am I legally obligated to pay that loan?
I was granted a $150 loan by Greenlight Funding who is, I believe licensed in the State of Delaware. I paid back $187.50 but they are still coming after me for around $200 as my bank account has since been closed.
As the contract said I was bound to Delaware law, can they sue me in the Delaware court? And if so, will I have to be personally served or does Delaware law provide for another type of service of process?
Any assistance on this issue would be very much appreciated!
I live in CA. I am now aware of CA payday lender laws as to limits, finance charges, collection efforts, etc. but what I need to know is the following:
If I applied, via internet, for a payday loan from a lender outside of the State of California but that lender is not licensed in California am I legally obligated to pay that loan?
I was granted a $150 loan by Greenlight Funding who is, I believe licensed in the State of Delaware. I paid back $187.50 but they are still coming after me for around $200 as my bank account has since been closed.
As the contract said I was bound to Delaware law, can they sue me in the Delaware court? And if so, will I have to be personally served or does Delaware law provide for another type of service of process?
Any assistance on this issue would be very much appreciated!
The state that you reside in are the laws you are to follow. If
The state that you reside in are the laws you are to follow. If the internet payday loan was not licensed in your state, then you are only obligated to pay back the principle amount only.
reply
yes,your state laws prevail.any pdl that states otherwise is most likely not licensed therefore is illegal.
