michigan laws......

According to MI law, you can only 2 loans, so I would treat these all as illegla loans. Follow the link in my signature line for information on how to handle them.

my next day cash- 400 (120fee) ILLEGAL...OFFSHORE...NEVIS
vandelier group llc-300(90fee)..ILLEGAL
vince interprises ltd.-200(60fee)???
ameri loans-300(90) ILLEGAL TRIBAL
whitehills cash-305 TRIBAL...ILLEGAL
my cash guardian-400(120ffee)???
spot on loans=50(15fee) UT based...probably illegal





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• Maximun Amount of Loan - $600
  
• Term of Loan - Maximum 31 days
  
• Maximum Rate of Finance and Fees - 15% interest rate on the first $100 loan; 14% interest rate on the second $100 loan; 13% interest rate on the third $100 loan; 12% interest rate on the fourth $100 loan; 11% interest rate on the fifth $100 loan; 11% interest rate on the fifth $100 loan + fees for any database verification
  
• Finance Charge on $100 loan for a 14 day period - $15
  
• APR for $100 loan for a 14 day period - 390%
  

• Maximum Number of outstanding loans permitted at a time - 1 with licensee/ more than 1 with any other licensee
  
• Permissible number of Rollovers - None (Renewal cannot be done; extension can be offered by the lender if and only if it doesn't charge a fee.)
  
• Repayment Plan - Yes
  

• Collection Fees Amount - 1 return check charge of $25
  
• Criminal Action - Prohibited
  

• Regulator - Michigan Office of Financial and Insurance Services
  
• Address - P.O. Box 30220 Lansing MI 48909
  
• Phone - (877) 999-6442
  
• Fax - (517) 335-4978
  

thank you for answering me!! my question though is i already had the 2 store front ones prior to the onlin ones. and in mi you can have max of 2 loans but it has to be different lenders (leagal of course). i also thought that i had read something that you couldn't have a loan that lasted more than 8 or 12 mths. im not quite sure on that. i just thought i had read it some where, but i have spent the last 3 days reading so it could be a different state law. oh and just to let you know, the online loans were done with out a check. i never sent anyone a voided chk. obviously the store front ones had a paper check. also when i defaulted on the instant cash one i had already paid one of the 3 payments and they deposited the orginal ck which was for the whole amount, is that ok?

thanks again for all the help. i am meeting with the credit union in about an hour or so.

Have you done your ACH and wage assignment revocations? You should give a copy of the ACH revocation to your bank.

Pay Day Loans in MI have a max term of 31 days.

no i havent. i am getting ready to leave very soon to go there though. where do i find that info out? also i just talked to them (bank) and they weren't exactly sure about me closing my account and opening a new one. she said that since i took the loan out that i have to pay it back. i let her know that i was willing to pay back the principal if they are willing to work with me. i let her know that they are illegal in mi and that i technically don't have to but that i'm willing to but under my terms. i haven't defaulted on 3 yet, that wiill be this fri (8//03). she advised me to bring all that i could about this or they won't be able to do anything.
thanks again for helping! i will wait to hear back from you before i go so i can make sure i have everything in order.

It is not your banks place, nor responsibility to decide. Per Regulation E, you can revoke ACH authorization and they have to abide. This is your account, your money, and none of their business.

where can i go to print this stuff out?

The FDIC's website. http://www.fdic.gov/regulations/laws/rules/6500-3100.html

Thank you! Im at the bank now and they r giving me a hard time. They are saying because I signed up for these that I can't close ny account without paying what I owe to these people.

Again, it's none of their business. If you don't pay your mortgage, credit card, or other bills, does your bank step in and take the money out of your account to pay them for you...you agreed to make those payments...you have a contract with those people???

Get my point?

By law, you can revoke ACH authorization at any time for any reason. They have to honor it. If doing so causes you to breach a legal contract, the other party can sue you.

The bank has nothing to do with it. They're misinterpreting their role here. It's your money.

Call your bank's corporate office and tell them your bank is refusing to close your account. If I were you i would walk into the branch and ask the teller to take all of your money out of this checking account, then go to a personal banker and tell the banker you want the account closed NOW. If they refuse then you can step outside and call the corporate office. This is typical of many banks... I work for a credit card company and when I occasionally go into our branches a few days a week to service peoples' cards, i know for a fact the branch employees try to avoid closing accounts over payday loans because the loan companies start harassing the hell out of the bank and then collectors call the bank, etc. it's your bank's shear laziness.

they shut down the checking account until fri as there are some disputes that i have to call and see how they want to proceed. but because the savings and checking accounts are the same number they will be both shut down as of fri. it was a weird posistion to be in. she just kept saying that they are going to want their money back and you don't have it. I told her that i was going to be writting them a letter to let them know that the account has been closed and that we can work out an arragement to pay back the principal as that is all they can legally charge me.and so on. but because they pdl's started taking things out in a weird way they gave me some overdrafts. I probably can't hold them acountable for them can I? also i think its in the first response that i got back which stated that they would treat the 2 store front loans as fraud too. but i'm wondering how can I? i had to go in and pay off and then reborrow. but i have been doing that for a year now and i think that mi law says after so many months that they are not suppossed to loan to me for a while. i could be wrong, but do any of you know the answer to that. and also would you send a letter to the companies that are just coming due this fri. and workout a payment plan with them?
i really appreciate all the help you guys have given me!!

send them letters revoking ach so they don't go to charge the bank account. pay the store fronts back first and then pay the internet later.

i know its been a few days, but had to clear up the couple of checks that i had out there since they were closing my account.

now that this last friday has past, all of the pdl are coming after me since they couldn't collect. do i need that letter for stopping ach and the wage letter? i have been looking for them but i haven't had any luck. i'm not sure what to do as far as talking with the pdls. do i just email them and tell them that they are not legal in my state or do i need to get technical and put the law number down and all that?