PayDay Loans
Date: Tue, 07/22/2008 - 12:11
I would ike to know how you can find out if the payday loan companies are legal in PA. Also I took advice and closed out my bank account and put a hard ACH block on my old account. My bank said that under no circumstance should I have any problems at all and these companies cannot call the bank anbd ask for any info because they are not authorized to do so.
Payday loans are prohibited in PA, but there is a loophole. What
Payday loans are prohibited in PA, but there is a loophole. Whatever state the pdl's are licensed in, is the state laws you have to abide by. :?
Quote:
Pennsylvania State Information Legal Status: Prohibited Citation: Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, ???? 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. ???? 6201 et seq. Small Loan Rate Cap $9.50 per $100 per year discount or 24% per year Where to Complain, Get Information: Regulator: Pennsylvania Department of Banking Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101 Phone: (717) 214-8343 Fax: (717) 787-8773 Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions |
