New KY PDL Laws

http://www.kfi.ky.gov/nondepository/hb444.htm

That's a great law!! My EX was talking about taking out a PDL (he lives in KY now). Ok...you said, "prior to Jan of 2010.." What about if you have one after that date?

Since ALL internet PDL's are illegal i ky, my understanding is that all you owe is the principal - NO FEES!!

Quote:

So...the only thing you pay is what you actually barrowed? Yeah....some of those fees, from PDL's can cost more than what you barrowed.

Got a call from a collection agency today representing Fash Cash. I talked with this idiot & told him that I had sent a C&D letter to Fash Cash & that ALL internet PDL's are illegal in KY. I had originally taken the loan out in 2009 & I'm sure that I've paid the principal MANY times over. Anyway, this jerk kept telling me that "the laws that were passed in Ky were NOT retroactive & that I still owed them. He insisted that I set up a "payment plan" with him over the phone -NOT HAPPENING!!!. I told him that if he wished to communicate with me, he was to email me ONLY - no phone calls or USPS contact. Then I promptly hung up on him. I am going to send another email to Fash Cash that states (again) the KY internet PDL laws and send a cc to Ky Dept of Finance.
Will let you know how this plays out.

keep hanging up on the idiot.you took the loan out in 2009,so the law is completely relevant to you.he is a criminal hoping to baffle you with bullsh*t.file complaints every time he calls.

I would bombard them with the same email repeatedly. lol

Sounds like a winner to me. I fully intend to bombard them with emails. BTW- do any of you guys happen to know of the email address to the Federal Trade Commission? I pulled up their site & couldn't locate a valid email address so I can cc them with the emails I'm sending.
PayDay One sent me an email & are trying to convince me that they are above the law. Apparently they think KY laws don't apply to them. Ha Ha Ha!!

Thought you all might like to see the garbage "reply" that PayDay One sent me to try to justify themselves in KY.

This letter is in response to your correspondence dated March 8, 2010.

PayDay One of Delaware, LLC (PayDay One), is a limited liability company,
organized and operating under the laws of Delaware under its small loan
license which is issued and regulated by the State of Delaware. PayDay One
is an on-line lender and has no presence in the Commonwealth of Kentucky.

In 2008, the Commonwealth of Kentucky had provided a legal opinion to our
counsel that PayDay One relied upon in creating its Kentucky payday loan
product. The Kentucky law did change on January 1, 2010 and we are no longer
originating loans in your state, but any loans made prior to that date are
still valid and you remain responsible for your contractual obligation.

Nice try, right?

The following is a response I got from one of the illegal inetrnet PDL's. I forwarded it to the KY AG, BBB & Ky Dept of Finance.


We did not solicit your business. You went outside of your state and took
the loan. Please reference your loan contract, the Loan Note & Disclosure
Statement, the Governing Law section. Listed below is what you agreed to /
authorized when you e-signed your loan contract. Your email does not forgive
your debt nor will it deflect further collection actions on your loan
accounts.

Governing Law
"Both parties agree that this Note and your account shall be governed by all
applicable federal laws and all laws of the jurisdiction in which the LENDER
is located, regardless of which state you may reside, and by signing below
or by your electronic signature, you consent to the exclusive exercise of
regulatory and ad judicatory authority by the jurisdiction in which the
Lender is located over all matters related to the Note and your account,
forsaking any jurisdiction which either party may claim by virtue of its
residency".

First National : FastCash $ Payday Loan Yes

Mr. Harris Fast/Cash Mngr

i would forward both of those to your AG'S office.they will love how an illegal pdl is trying to buffalo their citizen's.

I did that immediately. It amazes me that even when presented with PROOF that they are illegal & don't have a legal "leg to stand on"- these idiots still think they can give you a snow job & get more $$$ out of you. I don' tknow what the AG's pffoce will do with this - but like you, I thought they needed to know.