CashNetUSA Help!

from what i read on their website they operate as a cso in texas, they claim all they do is match up the customer with a lender, they are claiming to be the middle man saying they dont acually fund the loan in texas, but anything that has to do with the loan such as customer service, collections, will be handled by cashnetusa.

That is correct. They do not do the lending, but immediately take over the loan after the loan is funded.

I know, but I checked with the Secretary of State and they are not registered to be a CSO. This letter is actually for my friend. She is in major debt with PDL's so I'm trying to help. I would feel bad about trying to help her escape these loans, but on all of them she has paid at least $600 over loan amount.

Texas Finance Code 393.406., states that all CSO???s are required to maintain the surety bond until the second anniversary of the date on which they cease operating as a CSO. Per the Secretary of State of Texas, CashNetUSA's Surety Bond, expired on 03/14/2007 and has not been reinstated. They have to have this in order to "assume" loans. Since they don't then the loan falls on the company that funded the money. This particular company is not registered in the state of texas. Also, Texas Finance Code 393.002.(which is the CSO section)
PERSONS NOT COVERED. (a) This chapter does
not apply to:
(8) a broker-dealer registered with the Securities and
Exchange Commission or the Commodity Futures Trading Commission acting within the course and scope of that regulation;

Cash America International is registered with the United States Securities and Exchange Commission. I attached an their 10K form found on the US S&E commission.
Per their 10K, this is what it said about CashNetUSA:
???The Company also offers cash advances over the internet under the name CashNetUSA in the United States and under the name QuickQuid in the United Kingdom. In a typical cash advance transaction, a customer executes a promissory note or other repayment agreement generally supported by that customer???s personal check or authorization to debit the customer???s checking account via an Automated Clearing House (???ACH???) transaction. Customers may repay the amount due from the cash advance either with cash, by allowing their check to be presented for collection, or by allowing their checking account to be debited via an ACH transaction.???

After that I also quoted a paragraph off of their wedsite:
???CashNetUSA is now the only online lender that accepts applications that are received up until 9pm CST and funds the next business day. Other lenders stop funding their loans at 5:30pm CST so you do NOT get your cash for two business days. Apply at CashNetUSA and get your cash tomorrow ??? we get cash in your hands faster!???

I told them that, It appears that you are ???acting within the course and scope??? of directly lending Cash advances aka Pay Day Loans and that I believe Cash America International is violating The Texas Finance Code Chapter 393.504. It states that ???A violation of this chapter is a deceptive trade practice actionable under Subchapter
E, Chapter 17, Business & Commerce Code.??? I find CashNetUsa???s website to be misleading and unlawful.

Do you think any of that helps?

Probably not. The Texas Consumer Credit Commission is on record that they will accept complaints against CSO's and online payday lenders but do not have the resources to investigate and enforce anything. And the AG typically punts issues regarding CSO's - other then illegal debt collection tactics - back to the TCCC.

It never hurts to try, go with your gut feeling on this, you might just accomplish what you are setting out to do.

I also found that they bond was expired and wondered if that made them illegal.

I think a call is the only way to find out for sure.