State law & FDCPA violation penalties?
Date: Sat, 07/31/2010 - 06:35
If an online PDL violates your state law by making an illegal loan to you, are there violation penalties that might be payable to you in court like FDCPA violations penalties? Or is it that only the state can go after the lender to cite violations and hold them accountable with violation penalties?
Just curious - thanks.
The FDCPA only applies to third party collectors, not the origin
The FDCPA only applies to third party collectors, not the original creditor, and a payday lender (whether they are legal or not) is considered the original creditor.
no penalties that I know off...other than legally you dont have
no penalties that I know off...other than legally you dont have to pay back more than the princpal balance.
They illegal....do they care about state or federal penalties?? nah...would be a waste of time to pursue them.....a lot of them are offshore
Glad I asked. I thought FDCPA applied any time anyone was tryin
Glad I asked. I thought FDCPA applied any time anyone was trying to collect money from you. I had no idea it only applied to 3rd parties.
But that's sort of confusing. What if a 1st party threatens you with "jail" if you don't pay up, for example. They can make comments like that and get away with it? Are there different regulations on the way a 1st party tries to collect a debt?
You can read up about it at the link below, it's sort of a prime
You can read up about it at the link below, it's sort of a primer:
http://www.expertlaw.com/library/consumer/fair_debt_collection.html#6