Pay day loan

Here are the laws for Florida:
Florida State Information

Legal Status: Legal

Citation:
Fl. Stat. Ann. ???? 560.401 et seq.; Rule 69V-560.901-912

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes

Collection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748
Regulatory Contact: ,


Emails to and from the DFI:


Hello,

Do internet based payday loan lenders with no physical location in FL need to be licensed by FL to lend legally to FL consumers? I am trying to help a friend with a huge mess. She has several internet payday loans, and they are saying that they only have to be licensed in their state, and that they can follow the laws of their state, not FL's laws. What is correct? Any information would be very much appreciated!

Thanks!

Reply:

She can file a complaint through our website at flofr.com and under 'helpful information' click on file a complaint. Then click on
finance related and you can download the form. Or click on money transmitters and call the 1-800 number. The Office will review her complaint when received. All lenders must be licensed by Florida, regardless of location, however, the current payday loan laws in place do not address internet businesses. The department is currently looking at other laws to apply to them.

She may also wish to contact Legal Aid in her area, to determine what recourse she may have.

If you have further questions, please contact this Office.

Office of Financial Regulation
Pam Henley
Financial Speci alist
(850) 410-9805

What does this mean?

Internet based companies must be licensed by FL.

No Rollovers are allowed.

Have you tried contacting Advance America to see if you can get and extension or work out a payment plan? I never worked with Advance America before so Im not sure how they operate but someone who has will come along shortly to help you with them.

What have you paid back so far? Is this an internet PDL?

If they are loaning to FL residents, they are legal. Advance America is not some fly-by-night company, they will examine the requirements of a state and ensure that they do not put themselves in a position to hurt thier shareholders.

Advance America is a member of CFSA so they should allow you to get an EPP, Extended Payment Plan. You need to contact them today if your loan is due tomorrow.

They can break the loan up into four equal payments over four paydays.

the have refused and said that if we cant pay it then they are going to put it in the bank...and if it bounces we will owe them more fees...

I would call them back and let them know that you are aware they are a member of CFSA and that they are bound by their membership to offer an EPP and you are going to contact CFSA about this issue.

If they still refuse then contact CFSA about it.

Office Address
Community Financial Services Association of America
515 King Street
Suite 300
Alexandria, VA 22314
Phone: 703-684-1029
Fax: 703-684-1219

Call the corp office immediately!!

I live in California and Advance America has worked with me if I needed an extension. I'm sorry to see you're going through this, firefightengirl2. I hope everything works out.