storefront PDL's in texas

Advance America is listed as a payday loan not a CSO so an EPP should be available.
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I did not find The Cash Store. on either database. They are a store fron so they are legal but they must have the license under a different name.
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If you have the loan paperwork check it and see if there is another name associated with them.

The Cash Store is Cottonwood Financial. The use a CA called Alliance Asset Management who are the worst of the bottom feeders.

Cottonwood is licensed as a payday loan company not a CSO.

They are registered as a CSO in Texas.

Please post that info SkippyD, as I could not find either as CSO's, just as nohiogirl stated.

I know it is in another thread here somewhere. I think the registration number is here also. And I know I have it on old paperwork at home. Maybe it's expired?

I'll do a search and see what I can find in previous posts. Meanwhile. perhaps Frogpatch will read my PM and address this thread. I searched the data base and couldn't find any listings for the above regarding CSO's. Thanks for responding.

I did find something in previous posts that stated Cottonwood Financial is a CSO, but that was in 2007, I'm not locating them in the data base which leads me to believe they are no longer licensed as a CSO, I could be wrong though. I think it would be wise to wait on Frogpatch to address this issue, he is well versed in the FL laws.

Let me retract that statement, I am confusing myself with FL and Texas, I just replied to a post earlier about a FL CSO. Good gosh, nevermind what I said in the previous post.

Found it.


Name: Cottonwood Financial Texas LP d.b.a. The Cash Store # 1

Address: 1901 Gateway Drive, Suite 200, Irving, TX 75038
1901 Gateway Drive, Suite 200
Irving, TX 75038
File Number: 20050024
Status: Renewal
Expires: 7/1/2009
Account Bond:
Surety Company:
Additional Locations: 122

So they have both licenses as a payday loan company and a CSO.
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So which??law/rules wins here?

I am not sure if Texas allows payday loans so they get around that by operating as CSO's. Here is what I found;

Quote:
Texas payday loan laws were first enacted in June of 2000. As with other states, Texas payday loan laws state that a lender must obtain a license before they operate. Under Texas state law, a company that engages in the business of payday loans is defined as any person(s) making cash advances in exchange for a consumer????????s personal check, or in exchange fore the consumer????????s authorization to debit the consumer????????s deposit account. The licensing laws for payday loan lenders in Texas are the same as stated under the Texas Finance Code Ann. 342.
Texas payday loan laws have different requirements on fees than other states. Under Texas law a lender is allowed to charge no more than $1 per $5 that????????s borrowed for loans under $30. For loans over $30 but no more than $100, a service fee of one-tenth the amount can be applied. And for cash advances over $100, a fee of no more than $10 can be charged.

Texas payday loan laws also permit handling charges in addition to service or interest fees. Under Texas law, a $3.50 handling charge can be added each month to the total amount as long as the amount of the loan doesn????????t exceed $35. If the cash advance is over $35 but no more than $70, monthly handling charge of $4 can be applied. For loans over that amount, a $4 fee can be added each month for every $100 that????????s borrowed.

Payday loan lenders in Texas must post a notice with a fee schedule along with a written agreement. The agreement must contain the name of the lender, the transaction date, the amount of the check, an itemization of fees, the earliest date the check must be deposited, and a total amount expressed in U.S. dollars and as an annual percentage rate. The agreement form should have the name, address, and phone number of the Consumer Credit Commissioner. Texas payday loan laws also require that the agreement form provide a notice that sates payday loans are intended for short-term cash needs.

Texas payday loan laws prohibit lenders from dividing one loan into two loans for the sole purpose of collecting higher interest fees. The maximum term limit for payday loans in Texas is 31 days. The minimal term limit for payday loans is 7 days.

Under Texas law, a lender cannot pursue criminal charges to collect on a debt. Also, a payday loan lender is limited as to how many times a loan can be renewed. Currently under Texas law, lenders are allowed to renew a payday loan one time each month.

They do allow payday loans.
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The rules are different though. Cottonwood is in both databases.
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Maybe store front is payday loan and internet is CSO?

I know that The Cash Store operates as a CSO and they are store front. Maybe they are doing internet loans under another name.

nohiogal, I think we are just talking to each other at this point.

You may be right..LOL
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I don't know. I have never seen a lender in both databases.

Okay, so if they are a CSO what are my options for getting rid of the loans?

Okay, so it they are CSO's what are my options for taking care of these??? Will they work with me to set up a repayment plan.

I can only tell you what I did. I am assuming that you gave them a post dated check. I had paid them around 2200 dollars in fees on a 1500 dollar loan. Here's what I did;

1. Stopped payment on the check.
2. Waited for thier call. They only called once and I told them I couldn't pay anymore. They didn't call anymore.
3. Allied Asset Managment started calling about 15-20 times a day. I told them to send me a verification of the debt and they never did.
4. I sent a C&D letter to them and called The Cash Store and ended up making 1 more fee payment to them of 150 dollars to have my account marked Paid In Full.

This may not work for everyone, but it worked for me. Allied Asset still calls once a day but I ususally ignore it. Sometimes, I will you a fake voice just to mess with them. Lots of fun! They're stupid and try to threaten me but I know the laws as I used to work for the DA here.

Is there anything they can do with the postdated check? Can they send it to the DA as a hot check?

I can say that Tarrant County will not accept a check written for a debt as "hot". It is a civil matter. They would have to take you to court and get a judgement against you and that rarely happens in Texas. The courts here take a pretty dim view of these pdl's anyway so they tend not to spend much time or taxpayer money to persue these cases.

Thanks to everyone who responded to my question. This site has been a big help. I have paid an enormous amount in fees over the last couple of years. Advance America has agreed to set up a payment plan, not sure of the amount yet. The Cash Store has not been so helpful, at least they haven't been rude yet. Just said it would have to go to their legal dept. at the Corp. level. Hopefully they will work with me. My bank (BOA) has also been very helpful in changing my account to a deposit only account and letting me call to tranfer funds when necessary.

Best of Luck to you and hang in there! Keep us posted :wink:

Okay, to get this strait, if I was unable to make a payment, that was the second payment on an EPP, Cash America Payday Advance cannot pursue any criminal charges, but can they try to levy my bank account? I know they can't garnish wages or anything, but can they go after my bank account?

Thanks

I have several payday loans out and want to know if anyone has ever heard of these companies: Loan Shop, Star Cash Processing, East Side Lenders and Loan Point? Three of them have threatened to go to my HR department and request funds be garnished from my pay. As it is I am struggling to repay the high interest rates on these loans. Can anyone help me with a solution on how to deal with them?

I'm in Dallas, TX. I have a current storefront PDL w/ Ace Check Cashing. I've had many PSLs w/ them on/off since Oct 2009....they've snowballed and i can't seem to get cought up at all. I called today (Jan 25, 2010) and asked them if they had a longer payout option. I talked to them about the snowball effect I've run into and she was very familiar with that term. They DO offer payments over 4 paydays. I owe around $ 400.00. I get paid every other Friday and my payments are going to be a little over $ 100 per check. Good luck. You've got to ASK them. Bon