pdl laws
Date: Sun, 11/23/2008 - 18:39
when i read the fine print on the loan application, it says that it willl be under the laws of the state that the loan was issued in. Is this true for Illinois? and also what if they are not licensed in the state they are operating from? Hiow do I check?
Thank you
Thank you
Illinois requires Internet based pdl's to be licensed by your st
Illinois requires Internet based pdl's to be licensed by your state. CLICK HERE for the Illinois licensee data base.
Quote:
Illinois State Information Legal Status: Legal Citation: Ill. Comp. Stat. Ann. ???? 122/1-1 Loan Terms: Maximum Loan Amount: lesser of $1000 or 25% gross monthly income Loan Term: 13-45 days Maximum Finance Rate and Fees: $15.50 per $100 Finance Charge for 14-day $100 loan: $15.50 apr for 14-day $100 loan: 403% Debt Limits: Maximum Number of Outstanding Loans at One Time: Two Rollovers Permitted: None (cannot rollover) Cooling-off Period: 7 days after 45 consecutive loan days Repayment Plan: Yes Collection Limits: Collection Fees: One $25 NSF fee (Presentment limit = 2) Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Illinois Division of Financial Institutions Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701 Phone: (888) 298-8089 Fax: Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor |
