payday loans
Date: Wed, 10/22/2008 - 12:19
I have heard that IPDL's are illegal in KY if they do not have a license or a storefront, but there is one company I am with that says they operate out of Utah and only have to abide by their laws. Is this true?
Kentucky require Internet based pdl's to be licensed by your sta
Kentucky require Internet based pdl's to be licensed by your state. If you will list the following, we can try to help you distinguish which are legal and which aren't.
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
Quote:
Kentucky State Information Legal Status: Legal (Applies to check cashers only) Citation: Kentucky Rev. Stat. Ann. ???? 286.9.010 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: 14-60 days Maximum Finance Rate and Fees: $15 per $100 Finance Charge for 14-day $100 loan: $17.65 apr for 14-day $100 loan: 459% Debt Limits: Maximum Number of Outstanding Loans at One Time: Two ($500 aggregate loans outstanding to all licensees) Rollovers Permitted: None (cannot renew, rollover, or consolidate) Cooling-off Period: None Repayment Plan: Collection Limits: Collection Fees: One NSF fee (if disclosed) Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Kentucky Office of Financial Institutions Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601 Phone: (800) 223-2579 Fax: (502) 573-8787 Regulatory Contact: Gary Davis,, Branch Manager |
