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Governing Law Loan Terms

Date: Mon, 06/28/2010 - 17:54

Submitted by Jean Hershey
on Mon, 06/28/2010 - 17:54

Posts: 11 Credits: [Donate]

Total Replies: 4


I live in Idaho where PDL's need to be licensed. I currently have several unlicensed lenders who have this type of "fine print" attached to their documents.

Governing Law: Both parties agree that this Note and your account shall be governed by all applicable federal laws and all laws of the jurisdiction in which the Lender is located, regardless of which state you may reside, and by signing below or by your electronic signature, you hereby contractually consent to the exclusive exercise of regulatory and adjudicatory authority by the jurisdiction in which the Lenders is located over all matters related to this Note and your account, forsaking any other jurisdiction which either party may claim by virtue of residency.



My question, does this override the advise I have received on how to deal with these unlicensed lenders. I did agree (unknowingly) to these terms.