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Consumer Affairs department This is the response/Mycashnow

Date: Fri, 08/25/2006 - 11:30

Submitted by txtreasure
on Fri, 08/25/2006 - 11:30

Posts: 155 Credits: [Donate]

Total Replies: 14

Consumer Affairs department This is the response/Mycashnow


Thought I would share what the email that i got about mycashnow in response to a inquiry that I made about the company so lets all ban with one another and call this company out


Ms. Johnson,

Thank you for contacting our office. We appreciate the opportunity to assist you. We have one complaint in our database against mycashnow.com.
It was filed in January 2005 and referred by our office to the FBI. The FBI can be contacted at www.fbi.gov. Pay Day Loan companies are licensed through the Department of Financial Institutions. They can be contacted at 800-778-4215.

We hope this information helps.



Consumer Affairs
500 James Robertson Parkway
5th Floor
Nashville, TN 37243-0600
615-741-4737
800-342-8385
state.tn.us/consumer


I just got a call from the Department of Financial Instituions that I had called from the email and to no avail even though Mycashnow is listed with a TN address they are not even licensed in that state, So there is no as she told me " No legal recourse against internet pay day lenders"
Interesting that they dont have a license there but yet they use a TN address for correspondance Another way to get around the law I am sure


lrhall41

Submitted by txtreasure on Fri, 08/25/2006 - 13:33

( Posts: 155 | Credits: )


It does not sound like the FBI is after them.More or less sounds like a formality between agencies,Especially if they received only one complaint in the past.

Now I'm sure if many more individuals came forward,then they might execute an investigation. However,that would most likely start with the AG's office,with "TBI" involvement,not the FBI!


lrhall41

Submitted by Roadwarrior on Mon, 09/04/2006 - 13:52

( Posts: 637 | Credits: )


True Roadwarrior.
Unfortunately this where our "stand off" is with internet lenders.
They aren't licensed to lend in certain states, but since it's over the internet which state takes precedence ? Ours or theirs?
Unfortunately there's no cyber law that indicates a contract that is signed in one state in cyberspace rules over the state the contract originated in.
So we have to go around the pdl's misuse of the law, and zap them with illegalities such as licensing,usury, etc...
Any of your states' Prof. Regulation departments will tell you this, but licensing is a hot issue with them. Hopefully it will become a Federal Issue if enough people get the proverbial screws to 'em and complain! complain! complain!


lrhall41

Submitted by erzeke1 on Tue, 09/05/2006 - 07:37

( Posts: 1145 | Credits: )


erzeke1,

I have been putting a case together for awhile. I
am just a private person that got boned awhile back
with Two PDL's. I have been spending tons of time at
the law library at my local court house looking up
citations I can use in my case. I found an interesting one that involves a mail order catalog company.

The company provided a Sixty day return policy,the consumers state provided a Ninety day return. The consumer won the case. All transactions were done over
the internet!

I will look for the exact citation and post it.


lrhall41

Submitted by Roadwarrior on Tue, 09/05/2006 - 08:15

( Posts: 637 | Credits: )