Maryland PDL ???
Date: Mon, 11/24/2008 - 18:07
Are these loans legal in the state of Maryland?
Need Help on this.
Need Help on this.
Maryland is known to have payday loan companies acting as CSO's
Maryland is 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. Internet payday lenders are prohibited however.
Quote:
Maryland State Information Legal Status: Prohibited Citation: Consumer loan act applies. Md. Code Ann. Com. Law II ???? 12-301 et seq. Small Loan Rate Cap 2.75% per month; 33% per year. Where to Complain, Get Information: Regulator: Maryland Commissioner of Financial Regulation Address: 500 North Calvert Street Suite 402 Baltimore MD 21202 Phone: (410) 230-6100 Fax: (410) 333-3866 Regulatory Contact: Michael Jackson Director, Regulatory Policy |
