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Payday Loans Illegal in Pennsylvania

Submitted by Bayley5 on Tue, 03/04/2008 - 09:09
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I found this information on the internet. Being that they are illegal, is there anything that I can do to not make payments to them, being they are illegal companies? I added some information but am not sure if I did it correctly.


No PA had a domicillary law that any business that lent money must be in PA. However they have recently changed that law and all pdl's (even those over the internet, through the mail) must be registered and licensed in the state


Submitted by on Sun, 08/31/2008 - 16:45

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They didn't change the law, Guest. The PA Department of Banking issued a policy statement changing its interpretation of a very old law concerning consumer loans. (The same law the Department said in 2005 doesn't apply to lenders outside of PA as long as they are licensed somewhere.) The new policy doesn't go into effect until February 2009, so as of today kashkan is correct.


Submitted by FreakyFriday on Sun, 08/31/2008 - 21:12

FreakyFriday

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