Hi- this is from the dummy in TX w/ 17 PDL's
Date: Mon, 10/06/2008 - 17:25
I have 17 PDL's currently - worth over 6 grand. It's not good. I make decent money as well, and ALL of my paycheck has been going to fees and well, you all know the cycle. I'm going to bite the bullet and work with Langhorne Law. Any advice for the laws in Texas? I read the sticky but couldn't find Texas information.
Thanks,
:(
Thanks,
:(
Texas requires Internet based pdl's to be licensed by your state
Texas requires Internet based pdl's to be licensed by your state, but is also known to have payday loan companies acting as CSO's (Credit Service Organizations). This means they do not need to be licensed, and are generally 100% legal in what they charge. You want to be very careful about which are actually payday lenders and which are CSO's.
Quote:
Texas State Information Legal Status: Legal Citation: 7 Tex. Admin. Code ???? 1.605; Tex. Fin. Code Ann. ???????? 342.251 et seq. and 342.601 et seq. Loan Terms: Maximum Loan Amount: Loan Term: 7-31 days Maximum Finance Rate and Fees: $10 per loan + 48% annual interest Finance Charge for 14-day $100 loan: $12 apr for 14-day $100 loan: 309% Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees) Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: Not Specified Criminal Action: Not Specified Where to Complain, Get Information: Regulator: Texas Office of Consumer Credit Commissioner Address: 2601 N. Lamar Blvd. Austin TX 78705 Phone: (512) 936-7600 Fax: (512) 936-7610 Regulatory Contact: , |
