Question about a new Minnesota Law
Date: Fri, 08/28/2009 - 14:38
Apparently August 1, 2009 all internet providers must be licensed with the State of Minnesota before they can provide loans.
I have 3 internet payday loans
SSM $300.00 - paid $360.
Star Cash $300.00 paid $270.00
Ashland $300.00 paid $360.00
I have closed my account several weeks ago and defaulted on these loans.
Do I attempt to handle this myself and send the sites the laws or file complaints with the Attorney Genera's office and let them deal with it.
What have others found to be effective or what works best. I feel I only owe $30.00 to Star Cash.
Did you get the loans before or after August 1st? Most laws don
Did you get the loans before or after August 1st? Most laws don't work retroactively.
I was thinking that too, but they keept rolling it over after th
I was thinking that too, but they keept rolling it over after the August 1 deadline which means they were doing it illegally. Its a technicality. Minnesota change the laws actually in 2008 but didnt word it so explicitly say internet, that wording changed August 1. Previously you had to be licensed but they got away with it because the law didn't say internet companies had to be licensed in Minnesota.
I did contact the Attorney Generals office and they stated file a complaint and they will mediate. I dont feel mediation is necessary I don't feel I owe anything only the $30.00 to Star Cash.
Your problem is that most states look as rolling over the loan a
Your problem is that most states look as rolling over the loan as an extension of the original loan. So, until it is paid on full, you are working under the regs of the original loan date.
I understand what you are saying... What I am trying to say is i
I understand what you are saying... What I am trying to say is in August of 2008 long before I ever had the loan, the state laws change so that you had to be licensed to lend in Minnesota. The law further changed in 2009 to explicity say IPDL had to be licensed. It clarified the wording. The previous law was no rollovers and nothing over $300.00 no longer then 30 days. So I believe I am covered by that law, since they violated it by no rollovers.