Too many pdl's in Colorado!!
Date: Fri, 08/22/2008 - 10:25
Christy
Most settlement companies stay away from payday lenders, because
Most settlement companies stay away from payday lenders, because they don't like to negotiate with settlement companies.
Since you have 10 storefront lenders, they should be working within the limits of your state. Review all of your contracts and make sure. You will have to work on them by yourself.
In some state is difficult for you to use more that one storefront payday lender. That may something else you want to check into.
Your state laws are listed below:
No instrument held as a result of a deferred deposit loan shall exceed $575. May not exceed 20 percent of the first $300 loaned plus seven and one-half percent of any amount loaned in excess
A lender shall not lend an amount greater than $500 nor shall the amount financed exceed $500 at any time to a consumer.
of $300.
Quote:Colorado State Information Legal Status: Legal Citat
Quote:
Colorado State Information Legal Status: Legal Citation: Colo. Rev. Stat. ???? 5-3.1-101 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: Max: 40 days Maximum Finance Rate and Fees: 20%: $0-$300 + 7.5%: $301-$500 Finance Charge for 14-day $100 loan: $20 apr for 14-day $100 loan: 520% Debt Limits: Maximum Number of Outstanding Loans at One Time: One Rollovers Permitted: One (renewal) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: One $25 NSF fee; Court Costs; Reasonable Attorney's Fees not to exceed loan amount Criminal Action: Prohibited (Unless the consumer's account was closed before the agreed upon negotiation date) Where to Complain, Get Information: Regulator: Colorado Office of the Attorney General Address: Uniform Consumer Credit Code, 1525 Sherman St., 5th Fl. Denver CO 80203 Phone: (303) 866-4494 Fax: (303) 866-5691 Regulatory Contact: Laura Udis,, Administrator Regulator Website Licensee Database Complaint Instructions Complaint Form Link Online Resources |
