pay day loans
Date: Thu, 06/10/2010 - 20:52
please help answer as fast as anybody can.... what happens if you dont pay back a loan in state of kentucky like a pay day loan
more details please (debt amount, paid amount etc) just know deb
more details please (debt amount, paid amount etc) just know debt is a civil matter and you can't be arrested but that doesn't mean you should not pay them. first check if they are legal or not
Internet payday lenders are not legal in the state of Kentucky.
Internet payday lenders are not legal in the state of Kentucky. The information below was obtained from Kentucky Office of Financial Institutions. http://www.kfi.ky.gov/nondepository/hb444.htm
Quote:
9. Any deferred deposit transaction agreement made with a person who is not licensed shall be void and the person shall not collect any principal, fee, interest, charges or recompense whatsoever. 10. Because DFI does not grant licenses to Internet check cashers, then those transactions shall be void and the person shall not collect any principal, fee, interest, charges or recompense whatsoever. |
It was taken from KY's state law - click on .035. http://www.l
It was taken from KY's state law - click on .035.
http://www.lrc.ky.gov/KRS/286-09/CHAPTER.HTM