PA Payday Loan Law | DebtConsolidationCare

anonymous · 2009-05-13T03:31:31-07:00

I have been reading in some threads that in February 2009, PA regulation changed regarding payday loans, particularly internet lenders requiring them to now be licensed. Can someone verify this and tell me where I can find this information. I found a great letter on one of the "sticky" to use to send to lenders, however I am struggling with validating the law in PA. Thank you very much.

I checked the official website of the PA Department of Banking a

I checked the official website of the PA Department of Banking and found your information correct. You can find more details if you visit the link http://www.banking.state.pa.us/banking/lib/banking/news_and_events/press_releases/2008/banking_aa_pasc_decision_053008.pdf .

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lrhall41

Submitted by SC on Wed, 05/13/2009 - 04:55

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Link to the new lending laws announcement letter.

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lrhall41

Submitted by nohiogal on Wed, 05/13/2009 - 05:34

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It wasn't "new lending laws." The Department of Banking annonce

It wasn't "new lending laws." The Department of Banking annonced it was going to change its interpretation of existing laws. Popular as that might have been politically, it was spectacularly bad lawyering by the Department since it meant reversing five letters the department issued over ten years without the legislature changing a comma in the lending laws. Anyway, they were sued by CashNetUSA the day the new policy went into effect and won't be enforcing anything till the lawsuit is resolved.

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lrhall41

Submitted by on Wed, 05/13/2009 - 06:21

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The lawsuit was resolved in July 2009. The ruling was in favor

The lawsuit was resolved in July 2009. The ruling was in favor of the Dept of Banking. If you notice, many of the PDLs who used to approve loans in PA will no longer do so.

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lrhall41

Submitted by johnp292 on Fri, 11/20/2009 - 11:23

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Curious John . . . if it was resolved, then why was there a Not

Curious John . . . if it was resolved, then why was there a Notice of Appeal filed with the PA Supreme Court by Cash America Net (CashNetUSA) on July 15, 2009 and as of 5 minutes ago (when I checked) an open docket under number 68 MAP 2009 on the Supreme Court website?

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lrhall41

Submitted by on Sat, 11/21/2009 - 18:57

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Can you provide a link to where you found this? I've been searc

Can you provide a link to where you found this? I've been searching and can't find anything.

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lrhall41

Submitted by johnp292 on Mon, 11/23/2009 - 06:18

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i agree, please let us know. this question gets asked often..

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lrhall41

Submitted by bea2ls on Mon, 11/23/2009 - 11:55

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Quote:Originally Posted by PA PersonCurious John . . . if it wa

Quote:

Originally Posted by PA Person

Curious John . . . if it was resolved, then why was there a Notice of Appeal filed with the PA Supreme Court by Cash America Net (CashNetUSA) on July 15, 2009 and as of 5 minutes ago (when I checked) an open docket under number 68 MAP 2009 on the Supreme Court website?

PA Person is right, there is an appeal pending. Took me a while, but I found it. You can search for it here
http://ujsportal.pacourts.us/docketsheets/appellate.aspx

I guess we'll have to watch what happens. Hopefully the Supreme Court will show the same wisdom the Commonwealth Court did, and uphold the decision.

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lrhall41

Submitted by johnp292 on Mon, 11/23/2009 - 13:44

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...and its not scheduled for an oral argument in the last sessio

...and its not scheduled for an oral argument in the last session for this year, so it looks like the soonest it could get heard will be in March, if then.