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Payday loan laws for all the states

Date: Tue, 03/20/2007 - 22:28

Submitted by stanley
on Tue, 03/20/2007 - 22:28

Posts: 1639 Credits: [Donate]

Total Replies: 20


Dear Community,

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!

Laws related to payday loans for all the states


Good job, Stanley!! I have added this topic in my bookmark.

Guest, the lender cannot offer more than the maximum amount fixed in a state. By offering more than the permissible amount, the company is violating the laws. You need to dispute on the contract and mention it to your state attorney general.


lrhall41

Submitted by Bridget on Wed, 03/21/2007 - 16:52

( Posts: 348 | Credits: )


thanks 4 posting each state's info... in this year alone i have taken a few payday loans to satisfy my mortgage. i now have a warrant out for my arrest for fraud checks... i am willing and able to pay back the loans at this time... what should i do?? what are the laws in south carolina???


lrhall41

Submitted by igamara on Sun, 11/18/2007 - 05:27

( Posts: 3 | Credits: )


Ohio State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Ohio Rev. Code Ann. ???????? 1315.35 et seq.

Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources:
Consumer Complaint Contacts (Non-Depository Institutions)


Brochure: "Payday Loans"


lrhall41

Submitted by kashzan on Tue, 04/08/2008 - 08:55

( Posts: 5401 | Credits: )


I just spoke to a rep from Magnum Cash Advance. She was nice and waived the interest and accepted a payment plan. But she did say that because the head office is in the Virgin Islands, they don't have to follow the state laws. I am in CT where these are against the law. Anyone know if what she said is true? If the loan originates from another country, is the loan legal?


lrhall41

Submitted by anonymous on Wed, 05/14/2008 - 09:00

( Posts: 202330 | Credits: )