Response from PA Dept. of Banking
That took some chutzpah on the Banking Department's part to send
That took some chutzpah on the Banking Department's part to send you that. The legislature didn't pass any new laws. The Department changed its interpretation of a VERY old law.
hmmm...really? I'm still not sure what it is they are suggesti
hmmm...really?
I'm still not sure what it is they are suggesting I do, so I left a voicemail at the 800# she gave me to see if paydayone is licensed (which I think they are).
Payday One has licenses all over the country. They made their P
Payday One has licenses all over the country. They made their PA loans out of the Delaware license, I believe. If I understand the Department's policy correctly, they're covered by the safe harbor until February.
Finally, PA is doing something.... come Feb, several more payday
Finally, PA is doing something.... come Feb, several more payday lenders will withdraw from PA...
Exactly! Even though the Feb 2009 date will not help me, I am su
Exactly! Even though the Feb 2009 date will not help me, I am sure it will help many other PA residents from falling into this PDL trap.
I also left her a voicemail thanking her, and received one back where she reiterated the 2/1/09 date. NICE!
If you look at thsi thread: http://www.debtconsolidationcare.
If you look at thsi thread:
http://www.debtconsolidationcare.com/paydayloan/fastwire-pa-pdl.html
There is more information about the change.