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Are any of these places licensed??

Date: Tue, 10/30/2007 - 12:11

Submitted by jaydanielle1
on Tue, 10/30/2007 - 12:11

Posts: 551 Credits: [Donate]

Total Replies: 34


Zip Cash, One Step, Arrowhead,Cash Supply,United?'

I live in Washington DC


Here are the state laws for Washington DC (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Reply:

Quote:



Hello Ms,

The old law required any deferred deposit lender to be physically located in DC. However, these laws were implemented before the internet became an issue. The department has taken the stance in the past that all deferred deposit lenders must be licensed by DC.

New laws have recently been passed specifically addressing the issue of internet lenders. Now, all lenders, regardless of location, must be licensed under the Money Lender Act. This law has just recently taken effect.

Sincerly,

Brian Rouse
Licensing Supervisor, Banking Bureau
Department of Insurance, Securities and Banking
810 First St. NE, suite 701
Washington DC 20002
202-442-7821


What does this mean?

Internet lenders, before and after the new law, must be licensed by DC.

No limits to Rollovers.

Specific amounts can be charged.


lrhall41

Submitted by lmk3524 on Tue, 10/30/2007 - 12:25

( Posts: 435 | Credits: )


We need to find out if these companies are licenced in DC. Should be able to access that informaton with the Dept of Finance & Banking for your state. If they are not licensed then you can send the letter I pm'd to you to each one of the pdl companies. As I stated in the pm you can tailor the letter to your specific needs.


lrhall41

Submitted by lmk3524 on Tue, 10/30/2007 - 12:40

( Posts: 435 | Credits: )


jay, I will tell you that if you plan on closing your account Wednesday and the pdls are scheduled to hit on Wednesday, you will be out of luck. More than likely the account will be forced back open due to pending pdl debits. You need more time. Did you find the addresses you were looking for? And did you check to see if any of them are licensed in DC?


lrhall41

Submitted by cannr on Tue, 10/30/2007 - 20:58

( Posts: 9317 | Credits: )


Other companies can be licensed by DC, they do not have to be a check casher.

Quote:

Emails to and from the DFI:

Hello,

Do internet based companies need to be licensed by DC to lend legally in DC? Or can they be licensed in their home state? I have several payday loans and they are all licensed in other states. They say they don't need a DC license. Is that correct?

Thanks!


Reply:

Hello Ms,

The old law required any deferred deposit lender to be physically located in DC. However, these laws were implemented before the internet became an issue. The department has taken the stance in the past that all deferred deposit lenders must be licensed by DC.

New laws have recently been passed specifically addressing the issue of internet lenders. Now, all lenders, regardless of location, must be licensed under the Money Lender Act. This law has just recently taken effect.

Sincerly,

Brian Rouse
Licensing Supervisor, Banking Bureau
Department of Insurance, Securities and Banking
810 First St. NE, suite 701
Washington DC 20002
202-442-7821


I would try to close the account. It may be too late if the payments were coming out today, but at least it will be closed for your next paycheck.


lrhall41

Submitted by goudah2424 on Wed, 10/31/2007 - 08:00

( Posts: 7935 | Credits: )