State to State Laws
Date: Mon, 03/30/2009 - 15:14
[size=3]But I've received letters from two of these PDL stating that because they are a Storefront that they do not abide by Oregon law, because they are in Washington.[/size]
[size=3]Neither lender was saying that I owed them any money but they also did not say that I was paid in full. One just said that they do not owe me a refund of fees. [/size]
[size=3]I understand what they are saying about being in Washington I but want to know who is correct. If I should pay them the principal amount on top of the fees that I have paid then I will but I don't want to pay any more than I am liable for. State of Oregon said that because my address and bank account are in Oregon that they have to be licensed in Oregon to loan to me. [/size]
[size=3]Any help is appreciated. [/size]
Unless something has changed in OR, the regs for storefront lend
Unless something has changed in OR, the regs for storefront lending are based on the location of the store.?? If they were internet, the regs of your home would prevail.
[size=3][quote]But I've received letters from two of these PDL s
[size=3][quote]But I've received letters from two of these PDL stating that because they are a Storefront that they do not abide by Oregon law, because they are in Washington.[/size] [/quote]??
I agree, if these PDL companies are licensed in Washington then the fees are legit. The loan originated in Washington at the storefront lender so you are responsible for paying back what you borrowed according to Washington PDL laws. If you have relocated that does not change where the loan was originated.
Here are Washington state laws on PayDay lending. Quote: Washi
Here are Washington state laws on PayDay lending.
Quote:
Washington State Information
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I haven't relocated since taking out the loan. Oregon Divison
I haven't relocated since taking out the loan.
Oregon Divison of Finance and Corporate Securities said that they should not have loaned to me because I live in Oregon and my bank account is in Oregon. They do not have a license to loan to Oregonians. The State of Oregon rep said that she was going to be sending them a letter saying that they should not be loaning to Oregonians.
How do I check to see if the State of Oregon is correct or if the PDL is correct?
Well if the PDL holds a valid license in the state of Washington
Well if the PDL holds a valid license in the state of Washington this could be a problem.
Also you obtained the loan in Washington state and??you live in Oregan. I do not believe your bank account has anything to do with the origination of the loan. If you State's DFI says that they are??Illegal for lending to you, ??then that decision is up to you to make. Just make sure you have documentation of everything you were told by OR state DFI and AG.
I do have the emails from the OR State DFI that state that they
I do have the emails from the OR State DFI that state that they are illegal to loan to Oregonians and that I need to consider my accounts paid in full because of the fees that I've paid.
I emailed the rep that I received this information from. I will update you on what she says.
Did the store front know that you lived in Oregon? ?? If so
Did the store front know that you lived in Oregon?
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If so I am surprised they lent to you.
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Well I am no expert on law, but it sounds to me if the store fro
Well I am no expert on law, but it sounds to me if the store front lenders in Washington would try to take action against the poster the state of Oregon would be right there saying what they did was illegal however, the poster did go to Washington to obtain the loan and thats where I think the loophole might be. JMO
[font=Verdana][size=3]Agreed this could backfire[/font][/size]
[font=Verdana][size=3]Agreed this could backfire
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The lenders did know that I live in Oregon. It is on my paperwo
The lenders did know that I live in Oregon. It is on my paperwork and I would discuss, often, what a far drive it was from my home.
The lenders are The Cash Store and Checkmate.
How can the CFSA determine clarification on OP state laws??
How can the CFSA determine clarification on OP state laws??
They have a group of lawyers that research the legislation for e
They have a group of lawyers that research the legislation for each and and have commited to abiding by the regulations.?? Contrary to what some may want to believe, they want every member to follow the regulations of the state for which they operate.?? It would be counter productive for the CFSA to urge the violation of state regulations and then turn around and work with govt to develop regs that allow for the industry to operate.?? It is a 2-way street for them to build a working relationship.?? If there is an issue with OR regs allowing their citizens to borrow in other states, they would be aware of it, just as they did in WV.
over my head in pdl's
I live in NY and I have become overwhelmed with pdl's. I have ten in all. I plan on closing my account and opening another bank account. I just would like more information on how I can go about doing this. I know pdl's are illegal in NY. What should I do after I close my account?
These are the loans that I have:
achloan.com, tendollarpaydayloan.com, oneclickcash.com, itsmypayday.com, unitedcashloas.com, cmg group 866-516-9300, ssm group 866-463-2130, coldcsahtoday.com 888-313-8257, and nationwidecash.com 866-808-0936.
Please I got in over my head!
Thank You
You can go here and read up on the steps to take when dealing wi
You can go here and read up on the steps to take when dealing with illegal lenders.
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You will need to send a letter to each AFTER you close your bank account.
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You only owe them the amount you borrowed. All fees or rollover charges you have paid go towards that amount.
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To the best of my knowledge Checkmate is not a member of CFSA at
To the best of my knowledge Checkmate is not a member of CFSA at least not in the state of AZ unless this is a different company by the same name.