Ok so one more question from the newbie
Date: Thu, 03/23/2006 - 17:48
Everyone says to check the laws of your state to find out what these payday companies are allowed to do. I got these loan in Texas, the companies are located throughout the US, and they are all store front. Tomorrow I am moving to CA, so
when I am looking up the laws, do I need to look at the laws of CA or TX, or where the loan places are?
I know this is probably a redundant question but thanks for your time in clarifying.
Also, since these are store front lenders, are the laws different, especially since they are all located within the US?
Thanks again.
Jamie 8)
Jamie--I don't have your answer because I don't deal alot with p
Jamie--I don't have your answer because I don't deal alot with payday loans but someone will be along that can help you. I'm just pushing this post back up to the top so someone can see it that maybe knows the answer. shirley
I think Virginia-Legal-Defense is the best candidate to answer t
I think Virginia-Legal-Defense is the best candidate to answer this question. I am glad we have lawyer on the forum. I love to read his posts.
First I am by no means an expert, I am pretty much a nub too but
First I am by no means an expert, I am pretty much a nub too but I just happened to get off the phone with a very pleasant woman at the FCC Consumer Hotline or something along those lines. She told me that the laws governing the loan are indeed the state in which the company is incorporated wherever that may be.
Hope that helps.
To cover your bases you may want to check both CA and TX law, ho
To cover your bases you may want to check both CA and TX law, however, I suspect that the laws of TX will have jurisdictin as that is where you were living when the "contract" was executed. Other participants of the community may have better insight though.
It seems to me that the TX laws are more in the favor of the consumer than CA laws, at least from the various discussions i have seen in the forum.
From my research, store front lenders must be licensed and regis
From my research, store front lenders must be licensed and registered in the state they are operating in, either with the bank commissioner or division of financial instititutions. They more than likely have to have their license and/or rates displayed somewhere in the store. Store front lenders are subject to inspections and record checks. I would check with Texas's laws before you move.