increasing the pressure

Mr. Gee,I am writing in complaint of the company Ambassador Financial dba Nationwidecash.com ( NM license # 01413). On or before the date of 06/30/2008 (I am unsure of when we applied for the loan) my wife (*******) applied for and received a loan from www.nationwidecash.com. We had been making payments of $74.00 twice a month to nationwidecash.com until 09/10/2008 when we discovered that it is illegal to make payday loans to residents of VT or to receive payday loans in VT. According to Federal Case law, I will quote here:

"Dot Com repeatedly and consciously chose to process Pennsylvania residents' applications and to assign them passwords. Dot Com knew that the result of these contracts would be the transmission of electronic messages into Pennsylvania. The transmission of these files was entirely within its control. Dot Com cannot maintain that these contracts are "fortuitous" or "coincidental" within the meaning of World-Wide Volkswagen. When a defendant makes a conscious choice to conduct business with the residents of a forum state, "it has clear notice that it is subject to suit there." World-Wide Volkswagen, 444 U.S. at 297, 100 S.Ct. at 567. Dot Com was under no obligation to sell its services to Pennsylvania residents. It freely chose to do so, presumably in order to profit from those transactions. If a corporation determines that the risk of being subject to personal jurisdiction in a particular forum is too great, it can choose to sever its connection to the state. Id. If Dot Com had not wanted to be amenable to jurisdiction in Pennsylvania, the solution would have been simple--it could have chosen not to sell its services to Pennsylvania residents.? (W.D.Pa. 1997) "

Per this Federal Case Law Nationwidecash.com dba ambassador financial is obligated to follow VT state Law which I will now quote here:

"8 V.S.A. Chapter 73 §2201 prohibits any person to engage in the
business of lending without first obtaining a license from the
commissioner.

8 V.S.A. §2233 Effect:

(a) No person who is required to be licensed under this chapter, shall
directly or indirectly charge, contract for, or receive any interest,
discount, consideration or charge greater than is authorized by section
41a or 46 of Title 9. No such loan for which a greater rate of interest,
finance charge, consideration or charges than is authorized by section
41a or 46 of Title 9 has been charged, contracted for, or received shall
be enforced in this state, and every person in any way participating
therein in this state shall be subject to the provisions of this
chapter. However, any loan legally made in any state which then had in
effect a regulatory loan law similar in principle to this chapter may be
enforced in this state only to the extent of collecting the principal
amount owed and interest thereon at a rate not greater than that
authorized by section 41a or 46 of Title 9.

(b) A loan solicited and made by mail, telephone or electronic means to
a Vermont resident shall be subject to the provisions of this chapter
notwithstanding where the loan was legally made. No person shall engage
in the business of soliciting and making loans by mail, telephone or
electronic means to residents of this state unless duly licensed. Such
licensee shall be subject to the applicable provisions of this title and
chapters 4, 59 and 61 of Title 9, but shall not be required to have or
maintain a place of business in the state.

(c) No person other than a bank, savings and loan association, credit
union, pawnbroker, insurance company, or seller of merchandise or
services shall engage in specialized financing, including but not
limited to tuition plans or other such financing, but not including
insurance premium financing, for residents of this state unless duly
licensed. Such licensee shall be subject to the applicable provisions of
this title and chapters 4, 59 and 61 of Title 9, but shall not be
required to maintain a place of business in this state. Such financing
may include more than one loan per borrower. A license granted to such
lenders shall be explicit in its authority with respect to the types of
business permitted. (Amended 1969, No. 243 (Adj. Sess.), § 7; 1975, No.
76; 1979, No. 173 (Adj. Sess.), § 10, eff. April 30, 1980; 1983, No. 77,
§ 2; 1995, No. 162 (Adj. Sess.), § 33, eff. Jan. 1, 1997.)

8 V.S.A. §2519 (a) (13) No licensee shall agree to hold a payment
instrument for later deposit. No licensee shall cash or advance any
money on a postdated payment instrument.

9 V.S.A. §41a(b)(1), (5) The rate of interest or the sum allowed:

(1) For single payment loans by lenders regulated by Title 8 and
federal savings and loan associations, the finance charge shall not
exceed 18 percent per annum.

5) For an installment loan not otherwise limited by the preceding
subdivisions of this subsection, the interest rate shall not exceed 24
percent per annum on the first $1000.00 of the aggregate balance
outstanding; and shall not exceed 12 percent per annum of the aggregate
balance outstanding in excess of $1000.00; or 18 percent annual
percentage rate on the aggregate balance outstanding whichever is
higher."

According to Jimmie Blake (who is the conformance dept. manager at nationwidecash) the company isn't obligated to follow VT state law and they are only obligated to follow NM law regarding payday loans. Irregardless of the fact that he is incorrect regarding the following of VT state law, Nationwidecash.com is also breaking the lending laws of New Mexico regarding Payday lending. I will quote this from New Mexico's Financial Institutions Divisions Web Page

"New Mexico Law Now Protects You
In 2007, Gov. Bill Richardson, Lt. Gov. Diane Denish and the Legislature amended state law to help prevent payday loans from becoming big financial problems for consumers.

The term (length) of your payday loan can be no shorter than 14 days and no more than 35 days, unless you ask for a shorter period in writing.
You cannot renew, refinance or “roll over” your payday loan.
You cannot borrow more than 25% of your total gross monthly income.
The lender can charge you no more than $15.50 for each $100 you borrow, plus another 50 cents “verification fee.”
If the lender deposits your check on the agreed date and there is not enough money in your account, you can be charged an additional $15 for the returned check. (Your bank or credit union may also charge a steep fee for the insufficient funds check).
If you cannot repay your loan, you are entitled to enter into a no-cost payment plan of at least 130 days.
Once you are in a payment plan, and for a minimum of 10 days after you complete that plan, you cannot take out another payday loan."

Nationwidecash.com has broken NM law by rolling over the loan twice a month. Nationwidecash.com also broke NM law by having this loan out for over 35 days, which is a clear violation of the rules and laws. Nationwidecash.com is also breaking NM laws by
charging fees over $15.50 per $100.00. My wife was paying $74.00 twice a month in just fees on what I believe was a $200.00 loan. That is more than twice the allowable fees. I suspect that if you look further into this matter you will see that they are doing this for all of their customers. I would recommend you audit their records for any further inconsistencies.
Furthermore since nationwidecash.com is supposed to be following VT state lending laws in the first place they are breaking laws here as well as in New Mexico. I don't think your state should be issuing payday lending licenses to companies who are so obviously preying upon people in times of need. I am hoping that you can assist me in obtaining a letter stating that my account has been paid in full and a refund of all illegaly charged interest and fees.Thank you very much for your time.
Sincerely,James K Provost