Does anyone have a break down of the laws for payday loans i

Nevada State Information

Legal Status: Legal

Citation:
Nev. Rev. Stat. 604A.010 et seq.

Loan Terms:
Maximum Loan Amount: 25% of expected gross monthly income
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified (After default: interest rate must be equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %)
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified (Lenders cannot extend payment period beyond 60 days after expiration of initial loan period)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: $25 dishonored check fee (max. two fees for insufficient funds; max. one fee for closed account) Court Costs; Reasonable Attorney's Fees; Service of process costs
Criminal Action: Prohibited (Unless customer acted with criminal intent)

Where to Complain, Get Information:
Regulator: Nevada Financial Institutions Division
Address: 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121
Phone: (702) 486-4120
Fax: (702) 486-4563
Regulatory Contact: , Supervisory Examiner




As posted in your thread on the Pay Day Loan fourm

what is the process of the paydayloans in nj .can this lenders internt lenders can sue you . or take any so kind of actions agaist me ?

Pay day loans are not legal in New jersey.All you are morally obligated to repay is the amount borrowed. I will post the laws for you

Here are the laws for your state.List please your lenders, how much borrowed, how much repaisd and we can help you here.
New Jersey State Information

Legal Status: Prohibited

Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,???? 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. ???? 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. ???? 17:15A-47.

Small Loan Rate Cap
30% per year

Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes Assistant Commissioner
Regulator????????s Website
Complaint Form
Complaint Instructions
Online Resources:
Personal Finance Information

hello thankx kash.. listen i have 5 ppld . i pay some bi weekly payment sthen i go cut some hours all my pdls went default. do u know the address of this people to send some kind of payments. i havent hear from them is a few weeks . heres is alist of the loans.... 911quickloans.com 500 i think i paid 150. s ome kind of group is 300 i paid like 200 plus the instandloantoday . 500 ithink i paid 150 .. little shop online 300 i thnk i over paid them alreadty .. can they suee me or somethin ? or take any action ?

The very first thing you need to do is close your checking account right away.You can open a new account but never give that number out. I will post something for you to read before you close your account. Once your account is closed and these people can not get any more money we will give you a letter to send.

Before you close your bank account due to payday loans eating away at your paycheck, please read this.

Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.

If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.

It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.

Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches

thak for the help it happend with one of the accouints . i tried to talk to the poeple in my branch and they did not do anythin . my account was negative more 1000 then i went to another brach in this manager was so helpfull. i still waitin for the repsoind . but i already have a call from the recovery company from them, i owen then 1000 plus. but when i went to talk to this manager and he close the account due the fraud i explain i already talked to this people . all the chargers of my account was none sufficents funds..DOES THIS COMPANIES CAN SUE ME HERE IN NJ ? ALL OF THEM ARE FROM INTERNET SITE . I WANT TO SET UP A PAYMENT PLANS WITH THEM. DOES THE BANK HAVE A PAYMENT PLANS OF SOMETHN IN CASE I LOOSE MY CASE WITH THE CLOSE ACCOUNTS?

If you can not close your account have the bank put a hard debit block on it so nothing can come out. These companies are lending to you illegally so dont worry about them suing you. Anyone can sue anyone, but they wont.

do you the address for the companies that i wrote?

you can try to put the names in the search box above to see if any of the addresses come up.Most should be there.

I live in NJ and the first thing you have to do is really take care of your bank account. That was the hardest part for me. Make sure there is at least a hold on it - don't let the bank give you a hard time! Mine gave me an awful time and it's crazy because you have the right to revoke authorization.. your bank will offer to revoke this but beware that these companies often use other names to debit money out. A hard block works best in my humble opinion. After the loans are defaulted, send out pdl letters stating the loans are not legal and than ask for their address to make arrangements. Trust me, if you default, the companies will look for ways for you to pay them.