Letter from US Fast Cash
Date: Thu, 09/21/2006 - 15:29
Quote:
They must not know how to add as I paid them for this loan $225 already and for a previous loan for $200.00 I paid $590.00
I sent this to the AZ AG office and to a local new reporter!! I'll see what they say arent they part of Rio Resources?
Dear Customer: ME!!!! Re: AppID-2612*** The compliance department has been forwarded the recent correspondence and we have reviewed your account. The terms and conditions are available from the website at the time of application, and there is a 48 hour period in which to cancel the agreement without experiencing any fee. Also, before each debit an account summary is provided to you, which also recaps the terms, and all the options for repayment. The initial deposit made to your account was: $___250.00_____ The amount that has been paid toward this account: $___150.00________ This leaves a balance owing on the deposited amount of :$__100.00__________ Your account has been reduced to the above owing by 10/20/06. The money must be sent via CERTIFIED funds to the following address: US FastCash Attn: Compliance Dept 3531 P Street NW PO Box 111 Miami, OK 74355 If after 30 days we have not received the reduced balance offered, the account will go back to our collections department for further action. The account if not paid may also be sold to a 3rd party, who may report the balance to a credit reporting agency/bureau. US Fast Cash Compliance Department Fax: 1-800-470-6614 Email: compliancedepartment(at)usfastcash.com |
They must not know how to add as I paid them for this loan $225 already and for a previous loan for $200.00 I paid $590.00
I sent this to the AZ AG office and to a local new reporter!! I'll see what they say arent they part of Rio Resources?
Additional names Rio Resources uses are given at this link.
Additional names Rio Resources uses are given at this link.
http://www.debtconsolidationcare.com/settlement/about14929.html
Check them for their license in your state. It sounds that they are charging excessively on your loan account. For which state you are checking the laws?
Here is the law for AZ Quote:Arizona State Information Leg
Here is the law for AZ
Quote:
Arizona State Information Legal Status: Legal Citation: Ariz. Rev. Stat. Ann. ???? 6-1251 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: Min: 5 days Maximum Finance Rate and Fees: 15% of check Finance Charge for 14-day $100 loan: $17.65 apr for 14-day $100 loan: 459% Debt Limits: Maximum Number of Outstanding Loans at One Time: One Rollovers Permitted: Three (extensions) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: $25 NSF fee + actual charges assessed by the financial institution Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Arizona Department of Financial Institutions Address: Financial Enterprises Division, 2910 N. 44th Street, Suite 310 Phoenix, AZ 85018 Phone: (800) 544-0708 Fax: (602) 381-1225 Regulatory Contact: Robert Charlton,, Assistant Superintendent of Banks http://azbanking.gov/ |
Quote:ARIZONA Ariz. Rev. Stat. ???? 6-1251 et seq. (effec
Quote:
ARIZONA Ariz. Rev. Stat. ???? 6-1251 et seq. (effective Sept. 1, 2000; sunsets on July 1, 2010). Applicability: This statute applies to transactions made pursuant to a written agreement in which a licensee accepts a check and agrees to hold it for a period of time before presentment for payment or deposit. Otherwise, the consumer loan act applies. Ariz. Rev. Stat. ???? 6-601 et seq. (36% on loans up to $1,000; on loans greater than $1,000: 36% on the initial $500 and 24% on the excess). Exemptions: Banks, savings and loan associations, or financing/lending institutions authorized or licensed to transact business under the laws of the United States or Arizona. Any person that is principally engaged in the retail sale of goods or services and that from time to time cashes checks, drafts, or money orders for a fee or other consideration which does not exceed $2.00. Licensing requirements: Applicants must provide required information, including a financial statement and a credit report. An applicant must be a U.S. citizen, not have been convicted of a crime that involves moral turpitude, and not have defaulted on payment of money collected. Must have a minimum net worth in cash or cash equivalent of at least $50,000. Licenses are renewed annually. Certain reasons for revocation or suspension of licenses are listed, including violating this law. Required disclosures: Must conspicuously post a notice that states the fees charged at every location that is licensed. Must have a written agreement for each loan that contains the name of the licensee, the transaction date, the amount of the check, the amount to be paid by the consumer, a statement of the total amount of the fees charged, expressed as both a dollar amount and as an annual percentage rate and which also complies with state and federal truth in lending laws. The written agreement must also state prominently: ???????No customer may have outstanding more than one deferred presentment service agreement at one time and the face amount, exclusive of fees, cannot be more than $500.??????? Prohibited acts: Failing to pay annual renewal fees or file the annual financial statement; insolvency; violating the act; conviction of any crime which is a felony or other crime that is a breach of trust or dishonesty; making a material misstatement or omission on the application for a license; operating without a license for each location from which the business is conducted; making a loan without first obtaining reasonable evidence that the account on which the check is drawn is open and active; making loans or extensions of credit other than those allowed under this law; advertising in any way which contains false, misleading, or deceptive statements; engaging in unfair or fraudulent practices; altering or deleting the date on the check accepted by the licensee; accepting an undated check; failing to take measures to ensure that no customer has more than one deferred presentment loan outstanding at any time with any licensed lender in the state; requiring security for the loan other than the check or requiring a guarantee; providing gaming or lottery tickets, alcoholic beverages, or requiring the purchase of other goods and services in order to get a loan at any licensed location. A licensee may not use the criminal process to collect on a deferred presentment loan. Permitted charges: Not more than 15% of face amount of the check. This fee can be charged only once for each transaction. The fee is earned at the outset and need not be refunded if the consumer repays early. The fee is not interest for any purposes. Loan terms: Loan can be no greater than $500, excluding the permitted fees. Loan agreement must be in writing. The loan cannot be extended more than 3 consecutive times. For each extension, the licensee shall terminate the previous agreement and sign a separate agreement. The licensee may charged the permitted fee for each extension. Enforcement: Criminal penalties for making loans without a license is a misdemeanor. License can be revoked for violation of the law. |
http://www.consumerlaw.org/action_agenda/payday_loans/content/NCLC_SUMMARY.pdf