I have an interesting question I don't know the answer to..
Date: Fri, 12/10/2010 - 16:46
Per the terms of the laws that I read, it says that
[COLOR=black]any contract of loan in the making or collection of which an act is done by the lender that violates this section is void and the lender has no right to collect, receive, or retain any principal, interest, or charges[/COLOR]
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[COLOR=black]Now, what I am wondering amungst all this madness.. That in the event of ONLINE lenders, what is the legality involved with challenging (through the bank), as in a dispute form, the ach debits that have been charged to the account for previous loans????? As per, what is LOOKS like the law says (please let me know if I'm reading it wrong) the loans themselves are non collectable PEROID, if they lenders are no licensed which they are not, since in this scenario we are talking about ONLINE lending in OHIO.. YES?[/COLOR]
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[COLOR=black]Does anyone know if this has even been done? and if it has, what the outcome has been?[/COLOR]
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[COLOR=black]Also, it seems like there are A TON of online lenders and looking on the ohio licensing board website doesn't seem to help match you with these lenders.. Where does one find out WHO actually did the lending and what their contact info is??[/COLOR]
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[COLOR=black]Thanks for satisfiying my curiosity..[/COLOR]
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Well. financial institutions are required by federal law to hono
Well. financial institutions are required by federal law to honor ACH revocations, but in order for them to do so they need to be informed by the customer (which would be you). So, in fairness to the financial institution, it's the customer's responsibility to inform the bank (in writing) to revoke any ACH transactions along with the names of each lender.
Naturally!!! I would make the assumption that the "customer" or
Naturally!!!
I would make the assumption that the "customer" or "debtor" would have to initiate the revoaction process, I was curious if anyone had done this with any success..
to me in my mind anyway, it seems pretty cut and dry from an investigative standpoint..
no LEGAL loan, no LEGAL ACH debit = reversed transaction..
Any interesting thought anyway,
Thank you for taking the time to respond.
