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Massachusetts orders PDL's to cease activity

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FOR IMMEDIATE RELEASE:
May 26, 2006 CONTACT:
Chris Goetcheus
(617) 973-8735



STATE ORDERS MORE PAYDAY LENDERS TO CEASE ACTIVITY IN MASSACHUSETTS
Unlicensed lenders typically charge illegal fees and interest rates

The Office of Consumer Affairs' Division of Banks this week issued 48 cease activity orders against out-of-state payday lenders who are marketing illegal loans to Massachusetts consumers via the Boston Craigslist website and most recently in the Boston Herald. Commissioner of Banks Steven L. Antonakes has also asked the website and newspaper to cease accepting advertising from these companies. Massachusetts Consumer Affairs Director Janice S. Tatarka warned consumers of the multiple dangers these loans pose.


http://www.mass.gov/?pageID=pressreleases&agId=Eoca&prModName=ocapressrelease&prFile=06_05_30_lenders.xml[/quote]




Polly this is great if only all the other states would do the same. Quick payday also went down in Iowa. Going to have to pay back money to Iowa residents. Hope how soon they go down in WV. Kyside38

Sub: #1 posted on Sun, 08/06/2006 - 17:01

KYSIDE38 KYSIDE38

(Posts: 2478 | Credits: 398.52)

Yes it is great. Some states are so consumer friendly and other are all about big business. I believe in State's rights. I always have, but there are certain things a little federal involvement would be helpful for.

Sub: #2 posted on Sun, 08/06/2006 - 17:04

polly polly

(Posts: 1709 | Credits: 253.21)

Hey kyside, where'd you read that about quikpayday in Iowa? Was it quikpayday or quick payday?? Just curious...

Sub: #3 posted on Sun, 08/06/2006 - 17:56

CycloneFan CycloneFan

(Posts: 1156 | Credits: 194.95)

Hey Polly....

I beat you to it! I posted that two months ago. Being
a Massachusetts resident,It interested me! But thank
you so very much for your interest:)

Sub: #4 posted on Sun, 08/06/2006 - 18:22

Roadwarrior Roadwarrior

(Posts: 639 | Credits: 12.06)

Sue,

It was Quikpayday. The one that got into alot of trouble in Colorado and had to pay back the residence. Looks like Iowa residents are next. Did you have one with them? I read that too on the internet.

Sub: #5 posted on Sun, 08/06/2006 - 20:32

Not so Lucky Not so Lucky

(Posts: 3042 | Credits: 534.6)

Yes I did, I wonder what I should do?

Sub: #6 posted on Mon, 08/07/2006 - 07:58

CycloneFan CycloneFan

(Posts: 1156 | Credits: 194.95)

Massachusetts had this in place well over a year and a half ago. It's good to see that they are sticking to their guns.

Sub: #7 posted on Mon, 08/07/2006 - 14:50

Unregistered


Sue,

Maybe you should contact the AG's office to find out further details? You may be entitled to a refund which would be great for you :) Let me know if you need any help. Polly, thanks for posting this. It seems that these places are finally getting caught in their own tracks. Please let me know if I can be of any assistance to you.

Sub: #8 posted on Mon, 08/07/2006 - 16:11

Cow & Chicken Cow & Chicken

(Posts: 3571 | Credits: 391.67)

That is great news,Polly.Maybe other states will take notice and follow suit.One local pay day loan place here I never did have any trouble,even when I was late,but I don't think that's the norm!...Karen

Sub: #9 posted on Mon, 08/07/2006 - 16:16

Bossy4455 Bossy4455
Moderators
(Posts: 5854 | Credits: 743.03)

Thanks Mishele, I will do that tomorrow. I tried to find something online about it but couldn't, any ideas where everyone read it and I missed it?

Sub: #10 posted on Mon, 08/07/2006 - 18:26

CycloneFan CycloneFan

(Posts: 1156 | Credits: 194.95)

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