Governing Law Loan Terms
Date: Mon, 06/28/2010 - 17:54
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.
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.
they can say whatever they want.,...but the bottom line is they
they can say whatever they want.,...but the bottom line is they cannot override state and federal law. They made you an illegal loan....your laws apply.
Well that is great to know!! But, does federal law say that the
Well that is great to know!! But, does federal law say that the state law prevails? I haven't read much about what the federal law says about pdls