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PA State attorney filed again 3 PDL's?????

Date: Fri, 05/26/2006 - 12:13

Submitted by KittieKat
on Fri, 05/26/2006 - 12:13

Posts: 308 Credits: [Donate]

Total Replies: 3


I just read an article today that a PA state attorney filed against 3 loan companies. I forget exactly which three but they need to comply with some regulations in that state. Also, something about having the backing of a real bank behind them? Does anyone out there understand this stuff? How much interest can they really charge you. Do they realize they must comply with the law of the state that the borrower lives in? They should give you a cool off period before allowing you another loan, they should make sure you only have some many PDL's before giving you $. I would like to know more.


The payday lenders can't charge more than the permissible interest rates and fees. The laws vary from one state to another. You will have to check with your AG's office for payday loan regulations in your state.

The lenders must comply with the laws where the borrower resides. Besides, the company has to be licensed in your state as per the Truth in Lending Act.

These links will also be helpful in understanding the laws in your state.

http://hffo.cuna.org/download/1168.pdf?&sub_id=14490

http://legis.wisconsin.gov/lrb/pubs/wb/00wb7.pdf


lrhall41

Submitted by Justme on Fri, 05/26/2006 - 13:00

( Posts: 479 | Credits: )


I checked and it states no small loan lenders, now how can I see if my pdl's were/are small loan lenders?
I think that means they needed backed by a regular bank to do business? How the heck do you check that out with PDL's? Hmmmm, interesting


lrhall41

Submitted by KittieKat on Fri, 05/26/2006 - 13:11

( Posts: 308 | Credits: )


If the small loan lenders are backed by some bank, then they fall under the same rules of credit mentioned in the TILA.

Besides, TILA is applicable to all lending companies irrespective of their size of business. The financial charges and interests must be within the permissible limits as per the state laws.


lrhall41

Submitted by Justme on Fri, 05/26/2006 - 14:05

( Posts: 479 | Credits: )