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Is there any document or correspondence that specifically mentions INTERNET lenders for oklahoma and licensing requirements?
I know that lenders in OK have to be licensed with the state, but need something referencing internet loan providers.
I'm dealing with a collection agency for Cashsupply (aka The parasitic bloodsuckers), who have taken 730.00 on a 250.00 loan and have now sent me to collections to pay for the aforementioned principle on the loan.....again. grrrrr I plan on innundating them with paper including the letter I sent to cash supply that demanded a refund of my overpayment.

Thanks in advance.

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

Sub: #1 posted on Wed, 07/16/2008 - 16:17

Cool_Abyss Cool_Abyss
(Posts: 2936 | Credits: )

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.

Sub: #2 posted on Thu, 07/17/2008 - 07:00

goudah2424 goudah2424

(Posts: 7936 | Credits: )

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.

Sub: #3 posted on Wed, 07/23/2008 - 08:43

goudah2424 goudah2424

(Posts: 7936 | Credits: )

When you say pay back the loan do you mean just the principal or the principal and the fees as well?

Sub: #4 posted on Wed, 07/23/2008 - 09:43

mjwalton mjwalton

(Posts: 56 | Credits: )

It would depend on the situation and the state what you would need to pay back.

Sub: #5 posted on Wed, 07/23/2008 - 09:43

goudah2424 goudah2424

(Posts: 7936 | Credits: )

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.

Sub: #6 posted on Wed, 07/23/2008 - 10:34

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15512 | Credits: )

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.

Sub: #7 posted on Fri, 08/01/2008 - 06:28

jen_evenstar jen_evenstar

(Posts: 26 | Credits: )

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?

Sub: #8 posted on Fri, 08/01/2008 - 10:35

thlovely1 thlovely1

(Posts: 99 | Credits: )

Yes, that would be considered for principle.

The trick is getting the company to realize that.

Sub: #9 posted on Fri, 08/01/2008 - 10:37

goudah2424 goudah2424

(Posts: 7936 | Credits: )

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