Illinois CIL Law!
HERE
if a lender is not licensed they get only the principle.no matter what.don't care if they are an installment lender,or pdl.even supposed legal lenders do charge more than the interest allowed.they should be reported to our AG.
OK thank you paul, is there a
OK thank you paul, is there a more reliable way to determine if a company/lender has a license in Illinois?
I notice that some tribal lenders are licensed in some states, but under acronym businesses, or shell companies. How do I determine if a lender is legitimately licensed if all I have to go by is the name of their front?
btw
the reason tribal lenders are illegal is the claim sovereign immunity.so it's borderline offshore meaning you can't do anything legal to them,but they can't do anything legal to you.
really
which tribal lenders?please give an example as that is news to me.no the DFI website is very reliable and if a place has no license there they have no license.
Specifically, Plain Green
Specifically, Plain Green Loans. I have searched for possible licenses they may have under the acronym "PGL" and with the full name "Plain Green Loans" but have found nothing under consumer installment or payday loan license lists.
One thing that caught my eye was after reading through their site I encountered this text at the bottom of the page:
Typical payday loan pricing is based on Texas-originated loans with 14-day terms facilitated by Credit Service Organizations/Credit Access Businesses such as CashNet USA® (664.30% APR), ChecknGo® (661.77%) and MyCashCenter (792.16%) as of August 9, 2013.
Which lead me to suspect that the loan I am investigating may have actually been lent by an entity that IS licensed, but funded by PGL, similar to the way that Clear Creek Lending operates (they will fund a licensed lender of the state you are requesting a loan from to covertly provide you the loan, since they are aware of the illegality of tribal lending).
Nothing in the loan agreement or exchanges between my relative was indicative of being provided by a different entity other than PGL, but I just want to make sure all the cards are on the table before I assist with communication.
Also, the loan in question
Also, the loan in question has not reached the point of over-paying principal yet; but before it does we are planning on being proactive and cutting them off before they can even stick their tongue out...
Can we issue preliminary C&Ds to all potentially related companies that may buy the loan from PGL as well as PGL themselves to prevent harassment to us, friends, coworkers and other relatives as well as limit the communication to ONLY email? Should we expect this to be successful, or must we wait for harassment to occur before a C&D is valid and enforceable?
UM NO
plain green is not licensed at all.that PGL must be another place.