Florida payday loan laws???

You can contact you states financial institution. They often times regulate and are able to give out this information. Also your attorney general office can advise you what direction to take.

Here is a brief synopsis:

orida 560.401 et seq.
$500 exclusive of the fees
No deferred presentment provider or its affiliate shall charge fees in excess of 10 percent of the currency or payment instrument provided. However, a verification fee may be charged.

Thanks! pollyandsay, do you mind if I ask where you found this info?

I just found a really informative site. It even gives the "aliases" payday loan providers are operating under. Near the end of the article it does spell out our rights under regulation e as far as the banks having to stop payment on debits from internet lenders. Here is the site:

Referred page is not opening-Mike

sorry, here is the link:
http://www.consumerfed.org/pdfs/Internet_Payday_Lending113004.PDF

Can someone help me understand the Florida payday loan laws. If I understand them correctly, If I have a loan for $300.00, Florida law states that the maximum fee is 10% plus $5.00. So that loan should be costing me a total of $35.00 Is that right?
Also, it states that maximum loans is 1. Does that mean 1 total at a time, or one per lender. If it is only one per lender, then Geneva Roth has made me 2 for $300.00 each and charging $90.00 every two weeks per loan on my payday which is every other friday.

Help will be GREATLY APPRECIATED
Pat

I went to the website listed below. I spoke with Sandra Smith. She was a tremendious help. She told me that the State of Florida has two pending cases against United Cash Loans.

Florida Office of Financial Regulation
paydayloaninfo.org
Just click on your state for your info and who to contact
Pat

The FLDFS is in the process of looking at s. 516 of the Florida Financial Act as covering the internet PDL companies which puts an 18 percent cap on all small loans under 25 percent. It states that any interest above that amount even if charged from outside the state is unenforceable in the state. Only last year a case was won in the supreme court in Florida called Wendy Betts vs. Fast Funding that upheld the interest rates of the State as applying to Pay Day Lenders. However many internet lenders do not fall into the same category as they are acting as "brokers" charging fees for finding lenders or reloaning from larger institutions. Sam Whited of the FLDFS says that they pose "significant issues." They are however under both sets of laws are required to be licensed to loan here. I hope this helps.

Thanks for that info.

She was a great help. I have transferred my cash from my checking to my savings ( which are not linked, thank God) and put a hard freeze on my checking account. That way nothing can go out or come in. Now, all i have to do is switch my paycheck to go into my savings account. What a mess I've created ! It is verrrrrrrrrrry comforting to know that I am not alone and do have this site to communicate with you people !!
Thanks again, ever so much, :P

i have four pay loans and i have not made a first payment if i close my account and dont pay them what happens i live in florida. please help

Well , we do advocate paying back the principle. after all , they gave you the money, and you did use it. I will post the laws for your state.

If you list for us your lenders, how much borrowed and if they are store front or internet , we can help.

You will find the Payday loan laws for Florida here (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

I was just trying to pay my rent sO i did a couple of payday loans on line adn now i cant pay them back and they say they are going to prosecute me I broke the law with checks to them they can not retrieve. what to do?

Are you in Florida also? Were they storefront or internet?