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Are PDL's illegal in Ohio

Date: Fri, 06/09/2006 - 06:58

Submitted by AmandaB
on Fri, 06/09/2006 - 06:58

Posts: 120 Credits: [Donate]

Total Replies: 10


I have taken out some PDL's online and was wondering where and whom would be able to tell me if they are illegal in the state of Ohio? and if they are, what to do about them?


Ohio State Information

Quote:

Legal Status: Legal (Applies to check cashers only)

Citation:
Ohio Rev. Code Ann. ???? 1315.35 et seq.

Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor, Columbus, Ohio 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser, Deputy Superintendent for Consumer Finance
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link
Online Resources:
Consumer Complaint Contacts (Non-Depository Institutions)
Brochure: "Payday Loans"


lrhall41

Submitted by KittieKat on Fri, 06/09/2006 - 07:25

( Posts: 308 | Credits: )


No I didn't find licensing for Ohio. I have Ambassador, One Click Cash, PRL, SJM Marketing, Access and Magnum. All have been welling to work out paying except Ambassador who I find is Nationwide Cash. I can not get ahold of SJM Marketing (who had debited my account at least three times the amount) And I cannot locate Access nor have I heard from them. Any help would be appreciated. -- Lanita


lrhall41

Submitted by lanita.campbell on Fri, 06/16/2006 - 11:21

( Posts: 25 | Credits: )