Update on new Kentucky PDL laws
Date: Sat, 03/27/2010 - 15:53
At that time, ALL storefronts MUST be signed up with Teletrack. That means that they will immediately know if you have a PDL with ANYBODY & if so, they will not let you rewrite (extend your loan). IT MUST BE PAID OFF IN FULL!!
All these idiots are about to have a cow because they KNOW just about everybody has more than 1 PDL.
What I have done is closed my acct (to keep internet PDL's from getting anything) & have defaulted on all but 2 of my storefronts. Those checks were written on the closed acct. I was told that the ONLY way they will "work with you" & let you make pmts, if IF you default first. Even if they are CFSA members, they are NOT bound by KY law to offer EPP's.
One of my storefronts told me that "they just want to put us all out of business & I don't think there will be ANY PDL companies in Ky in a year or so". My response to that is[COLOR=sienna]: ABOUT TIME - THANK GOD!!!!!!![/COLOR]
I'm moving this to the Payday Loan news. It's interesting to me
I'm moving this to the Payday Loan news.
It's interesting to me how these store fronts are members of the CFSA but do not follow the guidelines set forth by the CFSA. Whether they are located in KY or not is irrelevant to the guidelines, their membership should be revoked but the only way that will happen is for customers to send complaints to the CFSA and inform them their members are NOT adhering to the guidelines. Although it sounds as though store front pdl's will be a thing of the past before long anyway. However, I am willing to bet these store fronts will begin offering "personal loans" or some other type of loan which isn't regulated.
I had the same reaction re: CFSA storefronts NOT offering EPP's-
I had the same reaction re: CFSA storefronts NOT offering EPP's- so I personally called CFSA & spoke with the person who handles KY members. She told me that according to Ky laws, their members in KY do not have to abide by the EPP regs. I couldn't believe it either- but apparently, somewhere in KY law there is a loophole they jump thru. See if you can do a little research with CFSA & find out. Lots of folks probably would like to know.
As far as them starting to offer "personal loans, etc. - some of them have already started to sound like pawn shops- advertising that they "loan on or buy gold". You know, rats & roaches ALWAYS find a hole to wiggle thru.
It is not the CFSA or stores that have made the decision in KY t
It is not the CFSA or stores that have made the decision in KY to not allow EPP's, it is the state regulations that do not allow them. The CFSA, as you know, has the Best Practices. One of these practices is the EPP, which is required for membership in all states that does not have regulations that differ. This means that the EPP outlined on the CFSA website or on printed material is the standard, unless the state regulations do not allow for multiple payments or have an alternate plan.
You state that you would love to see the storefronts go away. Why? Do you really think that by closing legal lenders, the need/demand will go away? No, the people in need will just go to the internet and the unregulated lenders. Take 10 minutes and go thru all of the threads complaining about PDL's and 90%+ of them are about unregulated internet loans.
Makes alot of sense to remove the only regulated option...
Quote:Originally Posted by PDLOwnerIt is not the CFSA or stores
Quote:
Originally Posted by PDLOwner It is not the CFSA or stores that have made the decision in KY to not allow EPP's, it is the state regulations that do not allow them. The CFSA, as you know, has the Best Practices. One of these practices is the EPP, which is required for membership in all states that does not have regulations that differ. This means that the EPP outlined on the CFSA website or on printed material is the standard, unless the state regulations do not allow for multiple payments or have an alternate plan. You state that you would love to see the storefronts go away. Why? Do you really think that by closing legal lenders, the need/demand will go away? No, the people in need will just go to the internet and the unregulated lenders. Take 10 minutes and go thru all of the threads complaining about PDL's and 90%+ of them are about unregulated internet loans. Makes alot of sense to remove the only regulated option... |
I appreciate the clarification however the state regulation do not specifically state NO EPP's permitted, it's an empty space with no info whatsoever, so I guess this means a state resident is left to interpret the laws on their own.
Quote:Originally Posted by ShazzersI appreciate the clarificatio
Quote:
Originally Posted by Shazzers I appreciate the clarification however the state regulation do not specifically state NO EPP's permitted, it's an empty space with no info whatsoever, so I guess this means a state resident is left to interpret the laws on their own. |
If there is nothing in the state regs that provides for an EPP or specifically restricts an EPP, then the Best Practices of the CFSA would require members to offer. There must be something in the regs that does not allow for the EPP.