After spending so many days with you all and reading the queries posted here I felt that payday loan laws should be brought under one roof to help members. The site paydayloaninfo.org has already done a good job in this connection, but the thing is I cannot ask question about the summary available there, nor can I modify them if there is any scope.
So I thought to use the wiki application to summarize the state laws. I spent last few weeks reading State Codes for "Deferred Presentment Service", "Check Cashers" or, "Money Transmitters" (legal terms of payday loan/cash advance). After reading the codes I have tried to summarize them in a friendly language. I am not a lawyer, so there may be some mistakes; feel free to amend it if you feel so.
However, I could complete up to Mississippi starting from Alabama. I would be working on the rest of the states as well. Still I am posting links to all the state pages here so that any of the community members can share the work and enhance the whole process. Do not hesitate to send me email/PM/QM, I will be happy to help you on finding the right resources!
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.