Oklahoma PDL (internet) law
You can probably get clarification on your state laws by emailin
You can probably get clarification on your state laws by emailing or calling yourstate DFI. They can break down the law further regarding any entity supplying loans to OK residents. Good Luck! :P
Yeah, I don't have specific communication from OK. I've sent th
Yeah, I don't have specific communication from OK. I've sent them an email so we'll see if they respond soon.
If you do email them and get a response, please PM me a copy of what you sent them and what their response was and I will add it to the thread with the rest of them.
Quote:Unless otherwise excluded or exempted by 59 O.S. 3103, the
Quote:
Unless otherwise excluded or exempted by 59 O.S. 3103, the Oklahoma Deferred Deposit Lending Act applies to transactions if the lender, wherever, located, enters into the transaction with the debtor by mail, brochure, telephone, print, radio, television, Internet, or any other means. See 59 O.S. 3103 (C). I don't think a loan issued by a non-licensed company would be void. Normally, if the Legislature intends for transactions made in violation of licensing laws to be void, they will explicitly say so. However, the loan would have to meet the requirements of the Oklahoma DDL Act. The Administrator also has authority to order refunds of unlawful or excessive loan charges, impose civil penalties,issue cease and desist orders, and obtain injunctive relief against unlicensed lenders. Roy John Martin Assistant Attorney General Oklahoma Department of Consumer Credit 4545 N. Lincoln Blvd., Suite 104 Oklahoma City, OK 73105 Telephone: 405-522-4665 Fax: 405-521-6740 |
That is my response from the OK AG's office.
I want to point out to all those that think that just because a loan is illegal that it makes it void, that this ATTORNEY says otherwise. It depends on what your state law says. Just because a loan company is not licensed does not mean you dont' have to pay back the loan. It isn't just a moral thing.
When you say pay back the loan do you mean just the principal or
When you say pay back the loan do you mean just the principal or the principal and the fees as well?
It would depend on the situation and the state what you would ne
It would depend on the situation and the state what you would need to pay back.
reply
that is right,states do vary.i checked with my AG in illinois and
she said if a lender isn't licensed therefore illegal in illinois you
should pay back what you borrowed.other states might work it
differently though.i mean the principal by the way.
Well, I've paid back the principle and then some (loan for 250,
Well, I've paid back the principle and then some (loan for 250, paid 730). So I think I've more than held up my end.
Also, as far as the collection agency is concerned, once I told them I had record of all the payments I had made, and that their client was not licensed to lend in Oklahoma, they stopped calling.
What if you have not paid down the principal but have paid way m
What if you have not paid down the principal but have paid way more than the principal amount through the fees? Would/Could they consider that payment of the principal?
Yes, that would be considered for principle. The trick is get
Yes, that would be considered for principle.
The trick is getting the company to realize that.