Oklahoma Law regarding ACH
Date: Sun, 12/31/2006 - 11:01
[quote]Legal Action Against Lender:
Losses suffered as the result of the lender's
violation of the Deferred Deposit Lending
Act may also be pursued under the
Oklahoma Consumer Protection Act which,
in some cases, permits consumers to recover
actual and punitive damages. You do not
have to give your lender electronic access
to your bank account, and you may ask
your lender to delete this section of your
loan agreement. A lender may not require
automatic bank account withdrawal
(ACH) as a condition of the loan
agreement.
[/quote]
thought that may help answer question because i know i will use it on my bank to get my money back that Nationwide took
Thanks for posting that, ssg - I know it will be helpful to some
Thanks for posting that, ssg - I know it will be helpful to someone else in your state! :D
Using it
Yeha i am going to use that provision to help me will advise how it goes. I am going to find someones letter template and fax it. Should they do it anyway i will pursue action on it. I am finally realizing that pay day loan companies break the law, just no one knows about it. See on the contracts they require ACH, so if its in violation would it make the contract null and void and would i just have to pay back the principal amount?
I don't think I'd rely on the technicalities of the contract to
I don't think I'd rely on the technicalities of the contract to pay back only the principal. If the companies are unlicensed in your state, you should only pay back the principal plus any interest allowed by your state.
True
Yeah i tried to explain that to them before and of course got berated by them. I'll let the AG go after them..
Oh, they absolutely HATE it when you tell them they are operatin
Oh, they absolutely HATE it when you tell them they are operating illegally.
I had the following conversation with one company:
Me: You are operating illegally in my state.
Him: Wh-wh-what do you mean??
(and yes, he was stammering and stuttering)
Me: Illegally - that means you're breaking the law in my state as it relates to your industry - the payday lending industry.
Him: What about the law that says you have to pay your bills? Don't you care about that?
Me: According to the laws of my state, I owe you a grand total of $23, which I will gladly pay if you will send me a written validation of my debt, and provide me a physical address to send the payment to.
Him: We won't do that.
Me: Thank you, have a nice day *click*
lol
Too funny, gotta love the stammering. my state also included very buried in the law the number of payday loans you can take out..i learned that today as well. Oh yeah my voice recorder is in full swing..hehe