Need New York Usury laws please!!!
Date: Thu, 12/02/2010 - 17:39
Can someone help me fill in this letter with NY info? I can't find it anywhere :(
[FONT=Calibri][SIZE=2]Date[/SIZE][/FONT]
[FONT=Calibri][SIZE=2]Name of PDL company
[/SIZE][/FONT]My name
My Address
My account number
[FONT=Calibri][SIZE=2][/SIZE][/FONT]
[FONT=Calibri][SIZE=2]After doing research regarding Internet payday loan laws in the State of New Jersey I have found that your Internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the State of New Jersey in general:
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 25%. 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
I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the Commerce Bank to protect my interest in this matter, per instructions from The New Jersey Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected.
I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office. I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan.
Due to the fact that Internet payday loans must be licensed in the state of New Jersey to be a legal and binding contract, your company should NOT issue loans to New Jersey residents at all. I am requesting that you send me your license number which enables you to offer loans to New Jersey residents.
The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S.. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments. (Here I will mention if I have already sent enough to cover said principal…)
I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the New Jersey Attorney General's Office.
I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Sincerely,
My signature
CC:
Better Business Bureau
New Jersey Attorney General
Federal Trade Commission
[/SIZE][/FONT][FONT=Arial][COLOR=#000000][/COLOR][/FONT]
[FONT=Calibri][SIZE=2]Date[/SIZE][/FONT]
[FONT=Calibri][SIZE=2]Name of PDL company
[/SIZE][/FONT]My name
My Address
My account number
[FONT=Calibri][SIZE=2][/SIZE][/FONT]
[FONT=Calibri][SIZE=2]After doing research regarding Internet payday loan laws in the State of New Jersey I have found that your Internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the State of New Jersey in general:
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 25%. 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
I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the Commerce Bank to protect my interest in this matter, per instructions from The New Jersey Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected.
I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office. I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan.
Due to the fact that Internet payday loans must be licensed in the state of New Jersey to be a legal and binding contract, your company should NOT issue loans to New Jersey residents at all. I am requesting that you send me your license number which enables you to offer loans to New Jersey residents.
The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S.. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments. (Here I will mention if I have already sent enough to cover said principal…)
I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the New Jersey Attorney General's Office.
I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Sincerely,
My signature
CC:
Better Business Bureau
New Jersey Attorney General
Federal Trade Commission
[/SIZE][/FONT][FONT=Arial][COLOR=#000000][/COLOR][/FONT]
PDL's are illegal in New York State....you only owe the principa
PDL's are illegal in New York State....you only owe the principal. Close your checking account and write and tell them what you will pay.
