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How to respond a "lender" when they say this?

Date: Fri, 12/17/2010 - 10:17

Submitted by joanne hopkins
on Fri, 12/17/2010 - 10:17

Posts: 11 Credits: [Donate]

Total Replies: 10


[COLOR=#1f497d][FONT=Calibri][/FONT][/COLOR]
[COLOR=#1f497d] [/COLOR]
[COLOR=#1f497d]This letter is in response to the correspondence received on 12/17/2010.[/COLOR]
[COLOR=#1f497d] [/COLOR]
[COLOR=#1f497d]Directly responding to your concerns, Tremont Financial is confident that it has not violated any Ohio statute or loan limitations. All loan applications, credit checks and loan approvals are conducted within the state of South Dakota, where Tremont Financial is a registered limited liability company and maintains a Money Lending License through the South Dakota Department of Commerce & Regulation. As you read on the documents you signed, there are clear and conspicuous disclosures made[/COLOR] [COLOR=#1f497d]on both the Tremont Financial website, and also within the Note and Disclosure Agreement stating that all transactions are conducted in the state of South Dakota, and that South Dakota law applies to all matters therein. You agreed to these provisions in order to receive a loan from us.[/COLOR]
[COLOR=#1f497d] [/COLOR]
[COLOR=#1f497d]Tremont Financial does not operate a store or business in the state of Ohio, nor is any employee of Tremont physically present in the state of Ohio. All transactions are conducted under the laws of the state of South Dakota as so stated in our contracts. Our contracts are drafted in the state of South Dakota, accepted in the state of South Dakota and are executed in the state of South Dakota. Under the general principals of conflicts of law, our contract and business is deemed to be conducted in the state of South Dakota.[/COLOR]
[COLOR=#1f497d] [/COLOR]
[COLOR=#1f497d]We are unclear as to why you agreed to the clearly stated provisions of the loan less than two weeks ago when it is apparent in your letter to us that you had no intentions of fulfilling the agreement.[/COLOR]
[COLOR=#1f497d] [/COLOR]
[COLOR=#1f497d]A payment that was scheduled for today was already processed last evening. So depending on if that payment is returned to us or not, that will determine the amount owed to us.[/COLOR]
[COLOR=#1f497d] [/COLOR]
[COLOR=#1f497d]We will need to wait until Tuesday to determine if that payment is returned to us. At that time we will send you an email with the total owed to us and we expect IMMEDIATE payment. Our address is:[/COLOR]
[COLOR=#1f497d] [/COLOR]
[COLOR=#1f497d]Tremont Financial[/COLOR]
[COLOR=#1f497d]P.O. Box 608[/COLOR]
[COLOR=#1f497d]Sioux Falls, SD 57107[/COLOR]
[COLOR=#1f497d] [/COLOR]
[COLOR=#1f497d] [/COLOR]
[COLOR=#1f497d]Sincerely,[/COLOR]
[COLOR=#1f497d]Steve Holtz[/COLOR]
[COLOR=#1f497d]Director of Operations[/COLOR]
[COLOR=#1f497d]Tremont Financial[/COLOR]


well that is the typical illegal lender response.bottomline this loan is illegal in ohio,and nothing they print,say,or send changes that.if you haven't filed AG complaints do so.just know that illegal lenders try that first to try and convince you that they are legal when they are not.don't believe it.


lrhall41

Submitted by paulmergel on Fri, 12/17/2010 - 10:20

( Posts: 15514 | Credits: )


I can't post what I would actually say. lol Just tell them your state law prevails, and the Ohio payday loan laws caps interest rates for payday and short terms loans at 28% along with a state issued license in Ohio, and since they have not done any of the above, this loan is void and null. The laws that apply to you are the laws where you are located.


lrhall41

Submitted by Shazzers on Fri, 12/17/2010 - 10:27

( Posts: 17344 | Credits: )


I responded via email..
This is what I said..

Mr. Holtz,

Thank you for your response via email.
I have read your email and although you may be licensed in South Dakota, I live in Ohio. At the time of the loan agreement, I was unaware that pay day loans are not legal in the state of Ohio. Upon reviewing the payday lending laws I have uncovered what the law actually says. As a resident of the state of OHIO, it is Ohio law that prevails here. In Ohio the law caps an intrest rates that apply for short term loans at 28% ALONG WITH a state issued license in OHIO. You do not have a license in the state of Ohio, and the intrest rate is not in compliance with Ohio state laws. Since I reside in Ohio, and thus pursant to the laws of my state that makes the terms of the loan null and void.

As you mentioned in your email, we will wait till Tues and you are welcome to send me an email with what Tremont Finanical feels like it is owed and we will determine what is the best course of action to take with in the limits of Ohio law. I appreciate your continued compliance.


lrhall41

Submitted by joanne hopkins on Fri, 12/17/2010 - 10:43

( Posts: 11 | Credits: )