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new pay day laws in US

Date: Wed, 03/18/2009 - 12:08

Submitted by anonymous
on Wed, 03/18/2009 - 12:08

Posts: 202330 Credits: [Donate]

Total Replies: 101


I have a "happy thing" to share

1- i have a storefront payday loan that I almost have paid off but when i went to make a payment on it they told me that President Obama has recently passed some laws that take effect on pay day loans this summer and the government is working on eliminating them all together if these items pass from what I understood then no payday loans will be legal at all the only loan that would be legal would be a loan you get from your bank!


Atleast I made into the audience without having to make a big donation to the DNC!!!!

I (he) did get pushed into joining this board after consistently posting under the same name and hope that my input will help others in dealing with both legal and illegal lenders. As I have stated before, I have no issues with a hearty discussion, but take offense to attacks that are unfounded due to a lack of knowledge. When your back is to the wall, it is hard to see any other side than your own. I am just trying to educate people on here about how our business should be conducted and represented. If a legal lender is out of line, I say call them on it and if you cannot resolve it to use the regulating body that licenses them. If you eliminate the poor and illegal operators by not doing business with them, they will go away!! If you allow the govt to run the legal lenders out of business, what will that leave? The worst of the worst that has no oversight which in turn leaves the consumer with no where to turn for a small regulated loan.

Maybe I missed something, but what is a HOF'er???


lrhall41

Submitted by PDLOwner on Thu, 03/19/2009 - 13:10

( Posts: 1049 | Credits: )


I just happen to post a lot, it doesn't mean I know anything! I did not mean to chastise you, or anyone else ... just tried to bring peoples attention to the way PDLowner might be feeling.

I just always look at things as "fairly" as possible, I remember when he had started posting as a guest, and the other members and moderators here talked him into joining the forum as a member ... this is an open forum where no one should be made to feel "bad", unless they are a real jerk!


lrhall41

Submitted by smo65d11 on Thu, 03/19/2009 - 13:11

( Posts: 1467 | Credits: )


[quote]

My idea is a lot more radical. I say we regulate the crap out of the legal ones so that they have to quit lending. As for the illegal ones( ameriloan, USfastcash, Cashtransfercenter, etc) I say we all take out the maximum loan they will give and then promtly close your bank account. Send them a letter that they are illegal and unlicensed and that you are revoking ACH withdrawals and wage assignments. Thay surely would cause them some problems. Maybe enough that they could not recover from. I also suggest that we close all the title loan places as well. Just keep the pawn shops open. That would make people really seriously think about losing their possessions for a few dollars. Just my radical 2 cents on closing down thes illegal sharks.

[/quote]

Just as an FYI...

GRC had over $17 million on the street last year. It would take a lot of defaulted loans to run that one company out of business! The last estimate that I can recall is that the PDL industry nationwide is over a $4 billion industry.

This is too big of an industry to "just shut them all down", the financial reprecussions would be HUGE to communities, borrowers, lenders and invertors. If the Federal Govt was to step in, they need to set consistent laws in place that would cap the max loan, regulate the fees to an amount that allows companies to operate and protect both consumer and licensed lenders.


lrhall41

Submitted by PDLOwner on Thu, 03/19/2009 - 13:22

( Posts: 1049 | Credits: )


Quote:



I just happen to post a lot, it doesn't mean I know anything! I did not mean to chastise you, or anyone else ... just tried to bring peoples attention to the way PDLowner might be feeling.

I just always look at things as "fairly" as possible, I remember when he had started posting as a guest, and the other members and moderators here talked him into joining the forum as a member ... this is an open forum where no one should be made to feel "bad", unless they are a real jerk!



That was not directed at you, just a comment in general. Actually, the "attacks" have come from tempory guests or posters that are new or just appear out of nowhere!


lrhall41

Submitted by PDLOwner on Thu, 03/19/2009 - 13:26

( Posts: 1049 | Credits: )


to add to owners post.i personally don't condone that course.i won't break the law to make a point and doing that could be considered borderline fraud.let the illegal ipdl's break the law.we are better than that.


lrhall41

Submitted by paulmergel on Thu, 03/19/2009 - 13:27

( Posts: 15514 | Credits: )


Quote:

doing that could be considered borderline


Not borderline...it's 100% fraud. That said if the PDL world has 4 billion, I'm in for my refund!

It's a little scary that our President has time to do an NCAA bracket predictions on ESPN and the next night be in LA for The Tonight Show.

If Bush ever did this the DNC & the media would ask for his head on a platter.

I don't know....all I can do is pray

"Accepting hardship as the path to peace"


lrhall41

Submitted by urrrlacher on Thu, 03/19/2009 - 13:43

( Posts: 43 | Credits: )


urrrlacher,

I was thinking the same thing when I heard them talking about his appearance this morning!! Seems to me that he should be spending more time reading what he is signing so that Dodd cannot slip anymore AIG loopholes into bills!!! And we thought that the 8000 earmarks that he approved were bad!!


lrhall41

Submitted by PDLOwner on Thu, 03/19/2009 - 13:48

( Posts: 1049 | Credits: )


i personally don't condone that course.i won't break the law to make a point and doing that could be considered borderline fraud.let the illegal ipdl's break the law.we are better than that.

I understand that. However they don't care when they break the law, I don't care if they get it in return. Remember if we take an illegal loan we are not breaking any law as they are not licensed to lend in the US. Where are they going to prosecute us, Malta? Indian tribal land in Oklahoma? Sorry I am just a pissed off American. I don't post here alot but I have been a long time lurker. Been lurking for about 4 years. I received a lot help in fighting zipcash.com. I am a former homebuilder and have been out of work for over 3 months and I do not see any good prospects in the near future with this economy and this president. IMHO, it will not bother me if the legal payday lenders and the illegal lenders get shown the door. I also would not mind seeing most of the crappy sorry credit card companies go out as well. If you don't have the money to pay with cash then wait til you do. I am big fan of Dave Ramsay and think we should all strive to be debt free.


lrhall41

Submitted by on Thu, 03/19/2009 - 14:21

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i was warming up to you when you mentioned my valdemort aka david ramsey.sorry,but these places accuse people of fraud and you are telling people to commit it.sorry won't sign off on it.besides ramsey is a goofball.


lrhall41

Submitted by paulmergel on Thu, 03/19/2009 - 14:27

( Posts: 15514 | Credits: )


Dave is a great guy. I agree with his premise, but not his path and have had the opportunity to meet him when I lived in TN many moons ago before he went national.

As for the legality, if you look back thru old threads, this was discussed in another monster thread a few months ago. The legality is a gray area. There is no clear cut legislation on where these loans jurisdiction falls since they are completed via the internet and there was a court case in California that upheld MTE's right to lend. Let's not go there in this thread.

As for your situation, why don't you head down to the TX coast and work there? They have more work than they have workers and you could "clean up" with your skills. Is it the most convienent thing to do? No, but it is better than sitting at home sending out resumes or working for penny's on the dollar trying to make ends meet. It would also allow you to maintain your skills for 6 or 9 months so that when the economy rebounds you can jump back in where you left off.


lrhall41

Submitted by PDLOwner on Thu, 03/19/2009 - 14:33

( Posts: 1049 | Credits: )


Actually I worked in the Houston area ( League City) for 11 months for a Homebuilder(Superintendent) but I was laid off in May 08. I left DFW every Monday morning and drove down to Houston and then came back on Fridays. Also my wife was pregnant at the time and I consequently missed out on the 1st 11 months of my son's life. Won't do that again. He is 18 months old now and I will never leave him again plus my wife has a decent job that is stable. I came back to DFW to work for a commercial construction company but was laid off 3 months ago.
Also I am aware of Cali's supreme court decision on sovereign immunity. I think it is a bunch of crap. They hide behind the immunity and will not prosecute because they will lose that immunity. I still stand by my statement earlier, where will they prosecute? Miami, OK. I don't think so. They have to much to lose by sueing anyone.


lrhall41

Submitted by on Thu, 03/19/2009 - 17:03

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I agree that missing the kids grow up is tough, but it's better than leaving them in the cold. If you can get by with your current situation then my hat is off to you and support the decision.

As for the soviergn immunity, you and I do not disagree here. I would prefer to see them "play by the same rules" that I do!


lrhall41

Submitted by PDLOwner on Thu, 03/19/2009 - 22:17

( Posts: 1049 | Credits: )


You Moderators need to lighten up.


lrhall41

Submitted by on Fri, 03/20/2009 - 09:29

( Posts: | Credits: )


But as moderators to this site (Which is viewed by thousands of people a day) they need to make sure that nothing is taking the wrong way. So Yes I agree with what they deleted. is it a little much, could be. But it takes hundreds of good things to be said about something before people believe it is a good thing, and it only take ONE bad thing to be said about something before people believe it is something bad.

So lighten up on the mods they are doing the right thing.


lrhall41

Submitted by Count_Vlad on Fri, 03/20/2009 - 09:40

( Posts: 356 | Credits: )