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Tennessee PDL Laws-Please Help!

Date: Wed, 08/27/2008 18:39
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I have a PDL loan with Astro Lending. It was for $300 and I have paid almost $1000 in fees to them and they're still debiting it from my account every payday. I don't know what the laws are in TN but it seems like this is a little out of control. Can someone tell me if there is any law that would prevent them from being able to do this. I would like to take care of this without having to close my checking account. Thanks!




I'll post your laws for you but I am afraid you are either going to need to close out that account or place a hard block on it, if they've taken that much already just for a $300.00 loan then that makes a bold statement about their illegal practices, unless you have re-loaned on this several times?
Quote:
Tennessee State Information

Legal Status: Legal

Citation:
Tenn. Code Ann. ????45-17-101 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulatory Contact: Bart Daughdrill,

Sub: #1 posted on Wed, 08/27/2008 - 21:13

Shazzers Shazzers
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