Governing law
Date: Sun, 08/15/2010 - 16:44
In one of my PDLs Unitedcashloans.com.. I have seen in my loan terms that they have this statement
"Governing Law: Both parties agree that this Note and your account shall be governed by all applicable federal laws and all laws of the jurisdiction in which the Lender is located, regardless of which state you may reside, and by signing below or by your electronic signature, you hereby contractually consent to the exclusive exercise of regulatory and adjudicatory authority by the jurisdiction in which the Lenders is located over all matters related to this Note and your account, forsaking any other jurisdiction which either party may claim by virtue of residency."
I am assuming this is not valid because I am governed by the laws in my state regardless of this contract.
This is also in an Ameriloan.com contract.
I know FOR A FACT neither of these loans are licensed in my state. California, should I be worried about this clause?
Thank you for your help and for all the info on this great site.
"Governing Law: Both parties agree that this Note and your account shall be governed by all applicable federal laws and all laws of the jurisdiction in which the Lender is located, regardless of which state you may reside, and by signing below or by your electronic signature, you hereby contractually consent to the exclusive exercise of regulatory and adjudicatory authority by the jurisdiction in which the Lenders is located over all matters related to this Note and your account, forsaking any other jurisdiction which either party may claim by virtue of residency."
I am assuming this is not valid because I am governed by the laws in my state regardless of this contract.
This is also in an Ameriloan.com contract.
I know FOR A FACT neither of these loans are licensed in my state. California, should I be worried about this clause?
Thank you for your help and for all the info on this great site.
Quote:Originally Posted by AnonymousIn one of my PDLs Unitedcash
Quote:
Originally Posted by Anonymous In one of my PDLs Unitedcashloans.com.. I have seen in my loan terms that they have this statement "Governing Law: Both parties agree that this Note and your account shall be governed by all applicable federal laws and all laws of the jurisdiction in which the Lender is located, regardless of which state you may reside, and by signing below or by your electronic signature, you hereby contractually consent to the exclusive exercise of regulatory and adjudicatory authority by the jurisdiction in which the Lenders is located over all matters related to this Note and your account, forsaking any other jurisdiction which either party may claim by virtue of residency." I am assuming this is not valid because I am governed by the laws in my state regardless of this contract. This is also in an Ameriloan.com contract. I know FOR A FACT neither of these loans are licensed in my state. California, should I be worried about this clause? Thank you for your help and for all the info on this great site. |
you are right.your state laws prevail.in fact your state of CA has no love at all for any MTE d/b/a which is what both of these places are.
Thank you Paul! The help I have received from you and others on
Thank you Paul!
The help I have received from you and others on this site has made my life change from hopeless to bright and sunny. Thank you for all the information and trust that you know have a new member of the community to help to inform others about the malicious practice of these predatory companies. Thank you again for all of your help!
J.
If unitedcashloans is SO worried about the law, it would make me
If unitedcashloans is SO worried about the law, it would make me wonder why they choose to have their address located on Indian tribal lands so they're immune from all of these laws they keep quoting? ;)
Quote:Originally Posted by AnonymousIf unitedcashloans is SO wor
Quote:
Originally Posted by Anonymous If unitedcashloans is SO worried about the law, it would make me wonder why they choose to have their address located on Indian tribal lands so they're immune from all of these laws they keep quoting? ;) |
yeah it does make you think,but in the same vein their supposed "tribal laws" don't apply to us either.