Wisconsin State Law?

Date: Sun, 08/20/2006 - 20:31

Submitted by eamuscatuli
on Sun, 08/20/2006 - 20:31

Posts: 31 Credits: [Donate]

Total Replies: 5

Wisconsin does not appear to have any interest limit laws whatsoever, however, all the laws state that this refers to "licensed lenders". It states that the Department of Financial Institutions licenses lenders that charge more than 18% annum. Does anyone know if this means that if my lender is not licensed they can't charge me more than 18% or does that mean they can't lend to me whatsoever. Also, they are legally required for the state of Wisconsin to notify my spouse that I have taken out a loan. I have emailed our State Secretary of the Department of Financial Institutions to find out if she can give me any advice. Anyone have any experience in Wisconsin state laws and if they are enforceable?

You should go here: http://www.paydayloaninfo.org/state_detail.c

You should go here: http://www.paydayloaninfo.org/state_detail.cfm?id=WI

Also: http://www.wdfi.org/fi/lfs/faq.htm#maximumrate
This will give you the idea as far licensing.

One question for you though. Were these internet lenders?

Hope this helps! :wink:

lrhall41

Submitted by dcashwell3 on Mon, 08/21/2006 - 11:07

( Posts: 379 | Credits: )

Yes they were.

lrhall41

Submitted by eamuscatuli on Mon, 08/21/2006 - 11:15

( Posts: 31 | Credits: )

Quote:Do I need an office within the state of Wisconsin to quali

Quote:

Do I need an office within the state of Wisconsin to qualify for a license?

No, however, all loans must be consummated at the licensed location. If loans are transacted by mail, the proceeds check must be mailed to the customer from the licensed location.

I'm not a lawyer, but to me that means that IF they are licensed in WI then the funds HAVE to come from the licensed location not another location.

lrhall41

Submitted by dcashwell3 on Mon, 08/21/2006 - 12:33

( Posts: 379 | Credits: )

Yeah, I don't think they are licensed, but I don't know we'll se

Yeah, I don't think they are licensed, but I don't know we'll see I guess. Odds are, I'm going try just settling these for the original principal amount and try to wash my hands of them. Hopefully, that works out. Cross your fingers!

lrhall41

Submitted by eamuscatuli on Mon, 08/21/2006 - 12:40

( Posts: 31 | Credits: )

Make sure that you have the settlement offer put in writing so t

Make sure that you have the settlement offer put in writing so that the balance amount is not sold to any outside company. They might claim that you owe further amount on this debt account. Get the 'Paid In Full' in writing from the loan company and get off their back.

lrhall41

Submitted by aciotsf on Mon, 08/21/2006 - 13:18

( Posts: 511 | Credits: )