American Consumer Credit LLC dba Cashspot in Michigan

Here are your laws for your state:

Michigan State Information

Legal Status: Legal

Citation:
Mich. Comp. Laws 487.2121 et seq.

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978

I just got off the phone with the guy in collections, he said he was a third party company. They received my cease and desist letter and will not be taking any money from my account anymore. However, he said that he could work with me and set up a settlement agreement or have me make installment payments. He claims that I still owe $562 on a $500 dollar loan that I got in 7/24/08, to date I've paid $675.00. He said that they don't have to follow Michigan Law because they are in Delaware and operate over the Internet. So, I told him that I would pay $50 every two weeks, yeah right, they are robbing me, so watch me rob them! Is there anything else that I can do at this point, I'm going to look of Delaware Law and see if I can find anything.