Question about indiana pdls
Date: Sun, 10/12/2008 - 00:35
IC 24-4.5-7-409
Violations; remedies and damages; equitable relief; exhaustion of administrative remedies not required
Sec. 409. (1) This section applies to licensees and unlicensed persons.
(2) A person who violates this chapter:
(a) is subject to the remedies provided in IC 24-4.5-5-202;
(b) commits a deceptive act under IC 24-5-0.5 and is subject to the penalties listed in IC 24-5-0.5;
(c) has no right to collect, receive, or retain any principal, interest, or other charges from a small loan; however, this subdivision does not apply if the violation is the result of an accident or bona fide error of computation; and
(d) is liable to the borrower for actual damages, statutory damages of two thousand dollars ($2,000) per violation, costs, and attorney's fees; however, this subdivision does not apply if the violation is the result of an accident or bona fide error of computation.
The remedies described in this subsection are in addition to all other remedies set forth in this article.
(3) The department may sue:
(a) to enjoin any conduct that constitutes or will constitute a violation of this chapter; and
(b) for other equitable relief.
(4) The remedies provided in this section are cumulative but are not intended to be the exclusive remedies available to a borrower. A borrower is not required to exhaust any administrative remedies under this section or any other applicable law.
If i read that Indiana law right it sounds like if a pdl is unlicensed and/or charges to much interest, i would not have to payback the principle, interest, or any fees that go with that loan. It also sounds like they are liable for statutory damages in the amount of $2,000 per violation.
I currently have 3 internet pdls out that are not licensed.
mte $300 $180 paid
unitedcashloans $300 0 paid
500fast cash $300 0 paid
i have already contacted my bank and they put a block on ach transactions.
I was just wondering if I had read that law right. I offered to pay them back the principle but ofcoarse the said no. So i might not have to pay them back anything and the woukd owe me money.
I have been reading these forums for a while and this is my firsst post. You people are doing a wonderfull job. Keep up the good work
Violations; remedies and damages; equitable relief; exhaustion of administrative remedies not required
Sec. 409. (1) This section applies to licensees and unlicensed persons.
(2) A person who violates this chapter:
(a) is subject to the remedies provided in IC 24-4.5-5-202;
(b) commits a deceptive act under IC 24-5-0.5 and is subject to the penalties listed in IC 24-5-0.5;
(c) has no right to collect, receive, or retain any principal, interest, or other charges from a small loan; however, this subdivision does not apply if the violation is the result of an accident or bona fide error of computation; and
(d) is liable to the borrower for actual damages, statutory damages of two thousand dollars ($2,000) per violation, costs, and attorney's fees; however, this subdivision does not apply if the violation is the result of an accident or bona fide error of computation.
The remedies described in this subsection are in addition to all other remedies set forth in this article.
(3) The department may sue:
(a) to enjoin any conduct that constitutes or will constitute a violation of this chapter; and
(b) for other equitable relief.
(4) The remedies provided in this section are cumulative but are not intended to be the exclusive remedies available to a borrower. A borrower is not required to exhaust any administrative remedies under this section or any other applicable law.
If i read that Indiana law right it sounds like if a pdl is unlicensed and/or charges to much interest, i would not have to payback the principle, interest, or any fees that go with that loan. It also sounds like they are liable for statutory damages in the amount of $2,000 per violation.
I currently have 3 internet pdls out that are not licensed.
mte $300 $180 paid
unitedcashloans $300 0 paid
500fast cash $300 0 paid
i have already contacted my bank and they put a block on ach transactions.
I was just wondering if I had read that law right. I offered to pay them back the principle but ofcoarse the said no. So i might not have to pay them back anything and the woukd owe me money.
I have been reading these forums for a while and this is my firsst post. You people are doing a wonderfull job. Keep up the good work
In case of unlicensed pdls, we advice on moral grounds to pay th
In case of unlicensed pdls, we advice on moral grounds to pay them their principle amount. But they can't take any actions against you as they are not licensed to lend in Indiana.
All the three internet pdls, you mentioned, are illegal to lend in Indiana.
