PDL Help in Maryland
Date: Tue, 10/21/2008 - 18:00
I am looking for information on whether internet PDL's are legal in Maryland. I have several outstanding PDL's which were all being paid on until I had a snafu with one of them double debitting my bank account on for the full amount of the loan, which has sent me into NSF nightmares and hassles dealing with the companies when trying to work out payment arrangements I can reasonably afford to keep.
Any information would be appreciated! Thank you.
500FastCash - $300 loan, paid $360.00
InstantCash - $ 300 loan, paid $180.00
PaydayServices - $ 750 loan, paid $456.25
InstantCash - $ 300 loan, paid $180.00
United Cash - $ 350 loan, paid $ 210.00
Paycheck Today - $ 300 loan, paid $180.00
Payday Max - $ 140 loan, paid $82.61
CashNet - $ 750 loan, paid $416.11
USA Payday - $ 400 loan, paid $120.00
MyCashNow - $ 570 loan, paid $ 0.00
Some of these loans go back to the beginning of July.
Any information would be appreciated! Thank you.
500FastCash - $300 loan, paid $360.00
InstantCash - $ 300 loan, paid $180.00
PaydayServices - $ 750 loan, paid $456.25
InstantCash - $ 300 loan, paid $180.00
United Cash - $ 350 loan, paid $ 210.00
Paycheck Today - $ 300 loan, paid $180.00
Payday Max - $ 140 loan, paid $82.61
CashNet - $ 750 loan, paid $416.11
USA Payday - $ 400 loan, paid $120.00
MyCashNow - $ 570 loan, paid $ 0.00
Some of these loans go back to the beginning of July.
In Maryland, pdls are prohibited. Quote:Legal Status: Prohibite
In Maryland, pdls are prohibited.
Quote:
Legal Status: Prohibited Citation: Consumer loan act applies. Md. Code Ann. Com. Law II ???? 12-301 et seq. Small Loan Rate Cap 2.75% per month; 33% per year. Where to Complain, Get Information: Regulator: Maryland Commissioner of Financial Regulation Address: 500 North Calvert Street Suite 402 Baltimore MD 21202 Phone: (410) 230-6100 Fax: (410) 333-3866 Regulatory Contact: Michael Jackson Director, Regulatory Policy |
As the pdls are prohibited so most pdl companies act as Credit Service Organizations (CSOs) which takes them out of the purview of pdl laws. Please read this.
Thus for the online pdls, you can only pay their principal amount and nothing more.
I'd suggest contacting the Maryland Commissioner of Financial Re
I'd suggest contacting the Maryland Commissioner of Financial Regulation at the number listed above. They've been a big help to me w/ the PDL's.
