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This is the response i got from the pdl

Date: Tue, 07/20/2010 - 14:57

Submitted by carrie bonner
on Tue, 07/20/2010 - 14:57

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Total Replies: 3


This is a St. Vincent company. St. Vincent and the United States are both parties to the General Agreement on Trade in Services, a treaty which specifically permits companies in one country to make consumer loans to citizens of the other. Under the treaty, we are only obligated to follow the federal laws of the United States. We are not required to obtain state licenses and individual state laws do not apply since the federal laws adopting this treaty supersede any state’s laws on the subject.


Actually GATS is a very real treaty that says just what they say it does. The U.S. pushed for consumer lending to be permitted because the negotiators wanted to make sure Citibank and Bank of America could make loans in other countries. It was signed before there even was an Internet but it's never been changed or renegotiated. Of course, I agree they won't sue because of the expense of bringing legal action here in the states compared to the amount of the loan. But to say some rinky-dink state licensing statute trumps federal laws and an international treaty the U.S. spent YEARS negotiating is just wishful thinking.


lrhall41

Submitted by on Tue, 07/20/2010 - 17:58

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