Caught in Payday loan loop
Date: Mon, 04/10/2006 - 08:45
Are these internet lenders or storefront? What state are you in
Are these internet lenders or storefront? What state are you in?
Sorry, forgot to mention. All over the internet and I'm in Mi
Sorry, forgot to mention.
All over the internet and I'm in Minnesota.
Wasn't logged in when I first replied. Sorry, forgot to menti
Wasn't logged in when I first replied.
Sorry, forgot to mention.
All over the internet and I'm in Minnesota.
Synopsis of Minnesota Law: MINNESOTA Minn. Stat. Ann. ?? 4
Synopsis of Minnesota Law:
MINNESOTA
Minn. Stat. Ann. ?? 47.60 et seq.
Applicability: To loan a short term, unsecured loan to be repaid in a single installment not to exceed $350. A
consumer small loan lender is a financial institution which includes regulated lenders or a person registered with the
commissioner and engaged in the business of making consumer small loans. Otherwise, Regulated Loan Act applies.
Minn. Stat. Ann. ?? 47.59 (33% per year on loans up to $750).
Filing requirements: Must file with the commissioner as a consumer small loan lender. The filing must be on a
form prescribed by the commissioner accompanied by a $150 fee. The form must contain information dealing with
liquid assets of at least $50,000. Revocation of the filing and the right to engage in the business of making these
loans is the same as in the case of a regulated lender under ?? 56.09.
Permitted charges: In lieu of the interest, finance charges, or fees, a consumer small loan lender may charge the
following:
1) $0-$50 - $5.50
2) $50-$100 - 10% of loan proceeds and $5 administrative fee
3) $100-$250 - 7% of loan proceeds with a minimum of $10, plus a $5 administrative fee.
4) $250-$350 - 6% of the loan proceeds with a minimum of $17.50, plus a $5 administrative fee.
On a loan transaction in which cash is advanced in exchange for a personal check, a return check may be charged.
After maturity, the contract rate can not exceed 2.75% per month of the remaining loan proceeds. After the
maturity date, calculated at 1/30 of the monthly rate in the contract for each calendar day that the balance is
outstanding. No insurance charges or other charges can be charged, collected, or imposed.
Prohibited acts: Insurance charges or other charges are not permitted. A loan made can not be repaid by the
proceeds of another loan made by the same lender. The proceeds from a loan can not be applied to another loan
from the same lender. A loan to a single borrower can not be split or divided and a borrower can not have more
than one loan outstanding with the result of collecting a higher charge than permitted or in an aggregate amount of
principal can not ever exceed $350.
Required disclosures: In addition to disclosures required by TILA, the lender must furnish a copy of the contract
of loan to a person obligated on it upon that person's request. The lender must prominently display a schedule of
charges which must be approved by the commissioner. The schedule of charges must include a notice that says:
???These loan charges are higher than otherwise permitted under Minnesota law. Minnesota permits these higher
charges only because short-term loans might otherwise not be available to consumers. If you have another source
of a loan, you may be able to benefit from a lower interest rate and other loan charges.??? Upon repayment of the
loan in full, lender shall mark it ???paid??? or ???cancelled??? within 20 days after repayment.
Loan terms: Term of loan cannot be for more than 30 days.
Civil / Criminal Penalties: A person obligated to a lender can file a written complaint with the commissioner.
Upon receipt of the complaint, the commissioner may inspect the lender's accounts and records. Revocation of a
license will not affect existing lawful contract between the licensee and any borrower. Violation is also a gross
misdemeanor.
Private right of action: If unlicensed, loan is void and debtor may recover all amounts paid if brought within one
year. For intentional violations, consumer can recover $100 for each violation as long as no other remedy is
available under state and federal law.
Figure out which one's they are breaking...
Hey that last clause is beautiful, it means you can sue unlicens
Hey that last clause is beautiful, it means you can sue unlicensed (internet) lenders yourself.
cheryl.shockley@douglascountywi.org
i live in superior wi and have gotten inthe internet payday loans loop too. help they are threatening to garnish wages from payroll and said i signed something in the fact and or jail. what can i do i have 7-8 of them im trying to pay small amounts on each after closing checking account each asked for a voided check
Wisconsin does not have a interest rate cap, which is beyond mes
Wisconsin does not have a interest rate cap, which is beyond messed up, so your only hope is to check if they are licensed...
Quote:
UNOFFICIAL TEXT Chapter 138 138.09 138.09 138.09 Precomputed loan law. 138.09(1d) (1d) In this section, "division" means the division of banking. 138.09(1m) (1m) 138.09(1m)(a) (a) Before any person may do business under this section or charge the interest authorized by sub. (7) and before any creditor other than a bank, savings bank, savings and loan association or credit union may assess a finance charge on a consumer loan in excess of 18% per year, that person shall first obtain a license from the division. Applications for a license shall be in writing and upon forms provided for this purpose by the division. An applicant at the time of making an application shall pay to the division a nonrefundable $300 fee for investigating the application and a $500 annual license fee for the period terminating on the last day of the current calendar year. If the cost of the investigation exceeds $300, the applicant shall upon demand of the division pay to the division the amount by which the cost of the investigation exceeds the nonrefundable fee. 138.09(1m)(b) (b) 138.09(1m)(b)1. 1. Except as provided in par. (c), an application under par. (a) for a license shall contain the following: 138.09(1m)(b)1.a. a. If the applicant is an individual, the applicant's social security number. 138.09(1m)(b)1.b. b. If the applicant is not an individual, the applicant's federal employer identification number. 138.09(1m)(b)2. 2. The division may not disclose any information received under subd. 1. to any person except as follows: 138.09(1m)(b)2.a. a. The division may disclose information under subd. 1. to the department of revenue for the sole purpose of requesting certifications under s. 73.0301. 138.09(1m)(b)2.b. b. The division may disclose information under subd. 1. a. to the department of workforce development in accordance with a memorandum of understanding under s. 49.857. 138.09(1m)(c) (c) 138.09(1m)(c)1. 1. If an applicant who is an individual does not have a social security number, the applicant, as a condition of applying for or applying to renew a license, shall submit a statement made or subscribed under oath or affirmation to the division that the applicant does not have a social security number. The form of the statement shall be prescribed by the department of workforce development. 138.09(1m)(c)2. 2. Notwithstanding sub. (3) (b), any license issued or renewed in reliance upon a false statement submitted by an applicant under subd. 1. is invalid. 138.09(2) (2) The division may also require the applicant to file with the division, and to maintain in force, a bond in which the applicant shall be the obligor, in a sum not to exceed $5,000 with one or more corporate sureties licensed to do business in Wisconsin, whose liability as such sureties shall not exceed the sum of $5,000 in the aggregate, to be approved by the division, and such bond shall run to the state of Wisconsin for the use of the state and of any person or persons who may have a cause of action against the obligor of the bond under the provisions of this section. Such bonds shall be conditioned that the obligor will conform to and abide by each and every provision of this section, and will pay to the state or to any person or persons any and all moneys that may become due or owing to the state or to such person or persons from the obligor under and by virtue of the provisions of this chapter. 138.09(3) (3) 138.09(3)(a) (a) Upon the filing of such application and the payment of such fee, the division shall investigate the relevant facts. Except as provided in par. (am), if the division shall find that the character and general fitness and the financial responsibility of the applicant, and the members thereof if the applicant is a partnership, limited liability company or association, and the officers and directors thereof if the applicant is a corporation, warrant the belief that the business will be operated in compliance with this section the division shall thereupon issue a license to said applicant to make loans in accordance with the provisions of this section. If the division shall not so find, the division shall deny such application. 138.09(3)(am) (am) The division may not issue a license under this section to an applicant if any of the following applies: 138.09(3)(am)1. 1. The applicant fails to provide any information required under sub. (1m) (b). 138.09(3)(am)2. 2. The department of revenue certifies under s. 73.0301 that the applicant is liable for delinquent taxes. 138.09(3)(am)3. 3. The applicant fails to comply, after appropriate notice, with a subpoena or warrant issued by the department of workforce development or a county child support agency under s. 59.53 (5) and related to paternity or child support proceedings. 138.09(3)(am)4. 4. The applicant is delinquent in making court-ordered payments of child or family support, maintenance, birth expenses, medical expenses or other expenses related to the support of a child or former spouse, as provided in a memorandum of understanding entered into under s. 49.857. 138.09(3)(b) (b) Every license shall remain in force and effect until suspended or revoked in accordance with this section or surrendered by the licensee, and every licensee shall, on or before each December 10, pay to the division the annual license fee for the next succeeding calendar year. 138.09(3)(c) (c) Such license shall not be assignable and shall permit operation under it only at or from the location specified in the license at which location all loans shall be consummated, but this provision shall not prevent the licensee from making loans under this section which are not initiated or consummated by face to face contact away from the licensed location if permitted by the division in writing or by rule or at an auction sale conducted or clerked by a licensee. 138.09(3)(d) (d) A separate license shall be required for each place of business maintained by the licensee. Whenever a licensee shall change the address of its place of business to another location within the same city, village or town the licensee shall at once give written notice thereof to the division, which shall replace the original license with an amended license showing the new address, provided the location meets with the requirements of par. (e). No change in the place of business of a licensee to a different city, village or town shall be permitted under the same license. 138.09(3)(e) (e) 138.09(3)(e)1. 1. Except as provided in subd. 2., a licensee may conduct, and permit others to conduct, at the location specified in its license, any one or more of the following businesses not subject to this section: 138.09(3)(e)1.a. a. A business engaged in making loans for business or agricultural purposes or exceeding $25,000 in principal amount, except that all such loans having terms of 49 months or more are subject to sub. (7) (gm) 2. or 4. 138.09(3)(e)1.b. b. A business engaged in making first lien real estate mortgage loans under ss. 138.051 to 138.06. 138.09(3)(e)1.c. c. A loan, finance or discount business under ss. 218.0101 to 218.0163. |
http://folio.legis.state.wi.us/cgi-bin/om_isapi.dll?clientID=39978042&advquery=138.09&headingswithhits=on&infobase=index.nfo&record={10C9}&recordswithhits=on&zz=
You can check licensing status here: http://www.wdfi.org/fi/l
You can check licensing status here:
http://www.wdfi.org/fi/lfs/licensee_lists/Default.asp?txtSearchText=&mnuSearchBy=AllCategories&mnuSearchUsing=AnyWords&radLicenseType=radAll&mnuLCOptions=LCPD&mnuMVOptions=MVAllCategories&mnuSFOptions=SFAllCategories&btnLCSubmit.x=24&btnLCSubmit.y=5
Always look for those little claues that can play out in your fa
Always look for those little claues that can play out in your favor :-)
Delaware Laws
Can anyone give me or lead me to the Delaware Laws on Payday Loans. I have 4 on line loans. These people (Pre-Litigation Services of America, United Federal Bank and this one jerk actually said he was with the Florida Attorney Generals Office; this call came after I had the Delaware AG's Office call all of the above - no one in florida knew the name or number) that I believe are part of this Ellis & Crosby gang are calling me and giving the usual threats of Arrest.
That's great for the stature information for minnesota. Still
That's great for the stature information for minnesota.
Still doesn't tell me anything. I can't even find anyone that will explain that statute to me.
I'm still at a loss
Statute of limitation is a time frame defined with state laws af
Statute of limitation is a time frame defined with state laws after which a debt is declared to be non-collectible legally. The countdown starts from the date of last activity seen in the account. Once SOL is over, you can deny paying the debt, however, that cannot stop collectors from calling you all the day. Even they can sue you, but they can never win if you appear in the court and protect yourself with SOL.
Do you want any more info? Always feel free to ask in forum.
Going to break this down... MINNESOTA Minn. Stat. Ann. ?
Going to break this down...
MINNESOTA
Minn. Stat. Ann. ?? 47.60 et seq.
Applicability: To loan a short term, unsecured loan to be repaid in a single installment not to exceed $350.
>> What if I get a loan greater the $350? I have on that is for $400.
A consumer small loan lender is a financial institution which includes regulated lenders or a person registered with the commissioner and engaged in the business of making consumer small loans.
In state lenders or out of state lenders?
Otherwise, Regulated Loan Act applies.
Minn. Stat. Ann. ?? 47.59 (33% per year on loans up to $750).
Filing requirements: Must file with the commissioner as a consumer small loan lender. The filing must be on a
form prescribed by the commissioner accompanied by a $150 fee. The form must contain information dealing with
liquid assets of at least $50,000. Revocation of the filing and the right to engage in the business of making these
loans is the same as in the case of a regulated lender under ?? 56.09.
The next section is what I am wondering. How much can I get charged for a loan?
Permitted charges: In lieu of the interest, finance charges, or fees, a consumer small loan lender may charge the
following:
1) $0-$50 - $5.50
2) $50-$100 - 10% of loan proceeds and $5 administrative fee
3) $100-$250 - 7% of loan proceeds with a minimum of $10, plus a $5 administrative fee.
4) $250-$350 - 6% of the loan proceeds with a minimum of $17.50, plus a $5 administrative fee.
On a loan transaction in which cash is advanced in exchange for a personal check, a return check may be charged.
After maturity, the contract rate can not exceed 2.75% per month of the remaining loan proceeds. After the
maturity date, calculated at 1/30 of the monthly rate in the contract for each calendar day that the balance is
outstanding. No insurance charges or other charges can be charged, collected, or imposed.
Prohibited acts: Insurance charges or other charges are not permitted. A loan made can not be repaid by the
proceeds of another loan made by the same lender. The proceeds from a loan can not be applied to another loan
from the same lender. A loan to a single borrower can not be split or divided and a borrower can not have more
than one loan outstanding with the result of collecting a higher charge than permitted or in an aggregate amount of
principal can not ever exceed $350.
Required disclosures: In addition to disclosures required by TILA, the lender must furnish a copy of the contract
of loan to a person obligated on it upon that person's request. The lender must prominently display a schedule of
charges which must be approved by the commissioner. The schedule of charges must include a notice that says:
???These loan charges are higher than otherwise permitted under Minnesota law. Minnesota permits these higher
charges only because short-term loans might otherwise not be available to consumers. If you have another source
of a loan, you may be able to benefit from a lower interest rate and other loan charges.??? Upon repayment of the
loan in full, lender shall mark it ???paid??? or ???cancelled??? within 20 days after repayment.
Loan terms: Term of loan cannot be for more than 30 days.
So If I have one that will take longer to pay off (according to the contract) then the 30 day mark, what does that mean?
Civil / Criminal Penalties: A person obligated to a lender can file a written complaint with the commissioner.
Upon receipt of the complaint, the commissioner may inspect the lender's accounts and records. Revocation of a
license will not affect existing lawful contract between the licensee and any borrower. Violation is also a gross
misdemeanor.
Private right of action: If unlicensed, loan is void and debtor may recover all amounts paid if brought within one
year. For intentional violations, consumer can recover $100 for each violation as long as no other remedy is
available under state and federal law.
How do I find out if a company is licensed in Minnesota? If not, does that make the loan null and void and I should report them to the state?
I have talked to almost all the payday loan companines that I ha
I have talked to almost all the payday loan companines that I have a loan with.
Couple are bending over backwards to help me pay it back.
But I have a couple that want all the money up front.
I have talked to a couple of credit couonslors and they will not go to bat against these people.
So, I have closed my checking account and will open a new one next week. The companies I have made arrangments with will be conmtacted and given the new info. What about the ones that will not help me out?
The worse one is Sonic Payday
sonicpayday.com/psp/ps/CUSTOMER/CRMPRD/h/?cmd=login
I know how you feel with Sonic Payday. I am dealing with Cash T
I know how you feel with Sonic Payday. I am dealing with Cash Transfer Centers right now who is affliated with Sonic. They called my payroll department today and the man was threatening me with a lawsuit today.