Help! I can't find Virginia's payday loan laws!

You can check out the given page in order to find out the pdl laws of Virginia (choose the required state from the drop-down option):
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Thanks, I found it yesterday and sent the 4 letters off to my illegal lenders. I already heard back from Magnum Cash and they wrote some long winded letter but in the end it said my debt was considered PIF!!!

Hi, I was wondering if you could post a sample of your letter that you sent to your PDL's. I live in VA as well and would like to send the letters out. Did you email them or mail them? Thanks!

Hello! Here is the sample letter I sent out to Magnum Cash advance:Date: June 29, 2011

To: Magnum Cash Advance

My Name
My City and State
My account #

This letter is to inform you that I am aware of the FACT that the loan you issued to me, is NOT legal or binding in my state (Virginia). All internet loans are illegal in Virginia and the lender can be charged with a class 6 felony statue 6.2-1825. For your convenience, I have included my state payday loan laws below.

Virginia???s Payday Laws:State Legal Status
Lending of payday loan is legal in the State of Virginia.
All internet payday loans are illegal and unenforceable to residents in Virginia

Loan Specifications
Maximum Loan Amount - $500
Term of Loan - Minimum two pay periods
Maximum Rate of Finance and Fees- 36% annual rate of interest + verification fee of $5 + 20% of the loan
Finance Charge on $100 loan for a 14 day period - $26.38
APR for $100 loan for a 14 day period - 687.76%

Debt Limits
Maximum Number of outstanding loans permitted at a time - 1
Permissible number of Rollovers - None (cannot be renewed, refinanced or extended)
Cooling-off Period - One day after pay, forty-five days after the fifth loan, ninety days after payment plan
Repayment Plan - Yes, once per annum

Limits of Collection
Collection Fees - a) NSF fee of $25; b) Costs of court; c) Fees of a reasonable attorney (should not exceed $250)
Criminal Action - Prohibited

The Commonwealth of Virginia does not permit any internet payday loans. I have already researched this information, your company does NOT have a license to lend in the Commonwealth of Virginia, if I am mistaken I will need proof in the form of a license number so that I may verify it with my Attorney General. I am bound by the state laws where I reside. As I have no presence in your state, therefore I have no legal obligation to the 'governing laws' you may have detailed.


Be advised that as of today June 29, 2011 I am revoking ANY and ALL ACH authorizations with your company from debiting any AND all of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I also revoke ANY and ALL wage assignments I may have signed, by you, including but not limited to; any of your affiliates, dba's, and collection agencies assigned to this account. None of the above no longer have my permission to access my accounts or impose a wage assignment.


I will only communicate to resolve this matter via email. If you ignore this notice and attempt to contact me or any of my references via telephone, you will be ignored and any payments owed will be delayed. I am willing to pay the principle amount of the loan only, however, no address means NO payments, this is not negotiable.

If you do NOT reply to this notice within 48 hours I will be forced to file complaints with my Attorney General Kenneth Thomas Cuccinelli II, the BBB and the Federal Trade Commission. If you reply to this notice with any misleading legal implications or menacing course of actions you are unable to follow through with, I will be forced to take actions against you which could cause you to lose your license in the state of Delaware and cause damage to your reputation, which could potentially decrease your clientele!

I am also demanding a refund on all fees and interest for earlier loans as those were illegal loans as well. That should make my recent loan PIF with a refund, too.


Sincerely,

My Name

I hope this helps. It sure did with Magnum Cash! Please be sure to close and secure your checking account before you send out any letters because they will bleed you dry if they get a whiff at what you are planning! Good luck!!

Thanks! This is a great help. I will be starting today by closing out my bank account. Then I will be sending this letter out to my internet loans tomorrow once I locate their email addresses. Fingers crossed!