question

MTE Financial & Ameriloan are illegal for sure, CLICK HERE to find out how to deal with illegal lenders.

GECC Loans/ GoodTime Cash/ Cashnet/, do you know if these are illegal to lend in Texas?

CashNetUSA is a CSO (Credit Service Organization), which means they are not required to abide by the payday loan laws and are legal in what they charge, unfortunately. I'm not sure about the other two, but they aren't listed in the CSO data base so that means they are most likely payday lenders, I'm not sure if they are legal though. Keep checking back as someone else may know.

I found this out yesterday that CashNet's bond as a CSO was cancelled. I am not sure if that makes them illegal now I am doing more checking.

Cashnet USA CSO, LLC # 1
Address: 11 N Skokie Hwy Ste 300, Lake Bluff, IL 60044
File Number: 20060010
Status: Bond Cancelled
Expires: 3/14/2007
Account Bond: S902-5647
Surety Company: WASHINGTON INTL INS CO

I am not sure about GECC but here is their contact info.

Cash Direct (GECC)
This is for Cash Direct Express/GECC:
Tracy L. Callaway
(302) 737-0926 ext. 302
(302) 737-3873 - fax
tcallaway(at)geccloan.com
CashDirectExpress
Phone: 866-432-2562
Fax: 866-432-2736
Email: Info(at)CashDirectExpress.com

I found this chapter 393 under the CSO Finance Code.


Sec. 393.401. SURETY BOND. (a) The surety bond of a credit services organization must be issued by a surety company authorized to do business in this state.

(b) A copy of the bond shall be filed with the secretary of state.

Sec. 393.406. TERM OF SURETY BOND OR ACCOUNT. The surety bond or account of a credit services organization must be maintained until the second anniversary of the date on which the organization ceases operations.

If I were you I would contact the AG and ask if the CSO must be bonded to give legal loans in the state of Texas.

1-800-621-0508