Can anyone help me understand this??
Date: Sun, 09/13/2009 - 18:27
[QUOTE]KENTUCKY
HB 500, introduced on February 11, 2008 by Rep. Jonny Bell, D-Barren, passed the House on March 20, 2008 with a 56-35 vote. HB 500 is currently pending committee referral in the Senate.
The bill would prohibit a person licensed to conduct check cashing or deferred deposit services from entering into a deferred deposit transaction if:
The total proceeds exceed 30 percent of the customer’s gross monthly income.
The customer had two open deferred deposit transactions with any licensee.
The customer closed a deferred deposit transaction with any licensee, or an affiliate of any licensee, on the previous business day.
A deferred deposit transaction contract would be required to include a provision granting the customer the right to rescind the transaction by returning 100 percent of the amount ©American Financial Services Association State Government Affairs Committee, created for AFSA by Kimbell Sherman Ellis FOCUS (April 8, 2008) 7 [/QUOTE]
Does this mean that if I had existing loans with Payday One and Think Cash (both aparently backed by First Bank of Delware) I would only be responsible for repaying the principle of those loans??
I feel like I need a legal background to understand some of these documents, but I'm learning a lot.
HB 500, introduced on February 11, 2008 by Rep. Jonny Bell, D-Barren, passed the House on March 20, 2008 with a 56-35 vote. HB 500 is currently pending committee referral in the Senate.
The bill would prohibit a person licensed to conduct check cashing or deferred deposit services from entering into a deferred deposit transaction if:
The total proceeds exceed 30 percent of the customer’s gross monthly income.
The customer had two open deferred deposit transactions with any licensee.
The customer closed a deferred deposit transaction with any licensee, or an affiliate of any licensee, on the previous business day.
A deferred deposit transaction contract would be required to include a provision granting the customer the right to rescind the transaction by returning 100 percent of the amount ©American Financial Services Association State Government Affairs Committee, created for AFSA by Kimbell Sherman Ellis FOCUS (April 8, 2008) 7 [/QUOTE]
Does this mean that if I had existing loans with Payday One and Think Cash (both aparently backed by First Bank of Delware) I would only be responsible for repaying the principle of those loans??
I feel like I need a legal background to understand some of these documents, but I'm learning a lot.
This refers to check cashing and payday lenders. Payday One and
This refers to check cashing and payday lenders. Payday One and Think Cash are installments lenders, at least that's how I interpret it.
