Nevada... Help?
After researching many of the threads as well as local law here in Nevada, I discovered that Nevada has some of the most lax laws regarding PDL companies in the US.
That being said- I also discovered that any of the PDL's that reside in and rely on Tribal law, unless licensed in the state of Nevada are ILLEGAL. The law regarding this is
NRS 604A.400
Two of the companies I've dealt with so far are: Golden Valley Lending and Maxlend. Neither have been granted licenses in the state and both are seriously predatory with 900% interest on their loans.
What I need to know is: Do these letters look like they have the right information for me to proceed?
Dear Lender,
It has come to my attention that payday lenders must be licensed by the state of Nevada in order to offer loans to its residents. Since your company has no license in my state (NRS 604A.400), the loan contract I have with you is not valid. Although I am not legally required to do so, I am willing to repay the principal balance of this loan.
To date, I received a deposit of $600 on June 9th, 2014, and have had 9 bi-weekly withdrawals of varying amounts totaling $1,514 debited from my account. This results in an overpayment of $914.
At this time I am requesting a return email acknowledging that my loan has been paid in full. Also, I would like a refund of the $914 overpayment. A refund check of $914 should be mailed to me at the address you have on file.
I am also revoking authorization for ACH withdrawals and any wage assignment I may have signed. I have given a copy of these revocations to both my bank and my employer.
Any future attempts to collect funds in this manner will be blocked. Please respond to this email with acknowledgment that my account has been satisfied in full. Details of when I can expect the refund check, as discussed above, should also be included in the email.
AND...
Dear Lender,
It has come to my attention that payday lenders must be licensed by the state of Nevada in order to offer loans to its residents. Since your company has no license in my state, the loan contract I have with you is not valid. Although I am not legally required to do so, I am willing to repay the principal balance of this loan.
To date, I received a deposit of $800 on October 21, 2014, and currently, have not had bi-weekly withdrawals debited from my account. However, in a previous loan dated 3/7/2014 for the amount of $500 principle, total payments were made of $1,436.76 resulting in an overpayment of $936.76. As this was also illegal according to Nevada laws requiring state licensure (NRS 604A.400), any funds still owed by me should be taken out of the expected refund from the original overpayment, resulting in a refund to me of $136.76.
At this time I am requesting a return email acknowledging that my loan has been paid in full. Also, I would like a refund of the $136.76 overpayment. A refund check of $136.76 should be mailed to me at the address you have on file.
I am also revoking authorization for ACH withdrawals and any wage assignment I may have signed. I have given a copy of these revocations to both my bank and my employer.
Any future attempts to collect funds in this manner will be blocked. Please respond to this email with acknowledgment that my account has been satisfied in full. Details of when I can expect the refund check, as discussed above, should also be included in the email.
I have taken the step to put ACH holds on my account, but haven't done much more as yet. How long do I have to file complaints- both with my state and with the BBB?
Any help is definitely appreciated!
And another thing...
I just found out that trying to file anything with the State of Nevada is difficult if not impossible. As of 2009 (wish I would have researched this one...) funding for investigation or administration action has been temporarily suspended in reference to consumer protections.
At least the BBB complaints were done...
well
as far as the messages go.unless it's a CA,or JDB,the FDCPA does not apply to the lender illegal as they may be.you can.and should file an FTC complaint.go to www.ftc.gov to do this.unfortunate that your AG is unable to help.last thing.you can send a cease and desist letter.even via email.there should be a tab that acts as a proof it was opened by them so yes send a C&D.
well
you should file the complaints with your state AG and the BBB asap.now just expect alot of stupidity and nonsense as these lenders will lie,mislead,and threaten you.keep all communication by email only.also keep tabs on your account as even though you revoked the ACH'S the lenders might still try to debit as again the law means nothing to them.if it did they would follow it and lend in accordance with the law.file the complaints,keep tabs on your account,and know the lenders are full of it and will try to sway you with lies.
Well... one worked...
Okay- so I did receive a letter from Golden Valley stating that my loan was paid in full and they would consider the matter closed.
Maxlend however, seems to be the holdout. It seems that they (besides the 12 to 15 phone calls a day and the harassing phone messages I receive on my cell phone) are truly stubborn. Most of their threats state something to the effect that "We must know today whether you will take action on your seriously delinquent account today voluntarily, or we will be forced to take action to collect this debt involuntarily... blah blah blah."
Do you know off-hand if the messages they are leaving violate FDCPA laws? I've researched it and due to the legal jargon, am not sure of exactly what they can and can't leave on answering machines when leaving messages of a sensitive nature on unsecured devices.
I did resend my letter to them stating that I was still expecting a refund of the $136.76, probably more as a slap to the face than anything else, but felt they continue to ignore me regardless of what I say or do.
I figure they know they can't collect currently as they have called me for almost 6 months with that "today" thing... would now be a good time to consider sending a "Cease and Desist" letter?
Thanks in advance!