theft by check?
Date: Thu, 08/02/2007 - 12:09
theft by check?
The loan was from First Cash Advance in houston. The original amount was for $520 and paying $132 extension fees and such every two weeks. I have paid about $530 so far but only fees, nothing has went to the actual principal.
This is a storefront payday loan, correct? It isn't specified
This is a storefront payday loan, correct?
It isn't specified in Texas law whether or not a pdl can file charges for a bounced check.
I would think that if anything it would just be a bounced check issue, not a theft issue. But I would call your state's office of consumer credit to verify what they can and can't do. Their phone number is (512) 936-7600.
This is a storefront loan. I will call and see what they say. I
This is a storefront loan. I will call and see what they say. I also checked to see if they were licensed but it says there license was cancelled. But when I got the call, it was from a Texas loan corp calling on their behalf. I can't find info on them. That is also what I made the checks too "TLC".
texas
Call me crazy, but I just checked and don't see the pdl even licensed in Texas or the other company (that I assume may be a collection agency?). Neither name came up as licensed in Texas. If someone wants to double check me, please feel free and correct me if I'm missing something!
Sometimes they will be licensed under a corporate name or a dba.
Sometimes they will be licensed under a corporate name or a dba. That's why sometimes it can be tricky trying to find licenses for these companies. The best thing to do if you are unsure is contact the regulatory authority for your state. They can tell you for sure if the company is licensed or not.
If this is an unlicensed storefront, then they could be in some pretty big trouble . . . .
goudah
Thanks, goudah. I guess it would be a pretty good idea to make that telephone call. It's not showing up under their store front name; however, it could be a d/b/a. The company she's been making her checks out to, Texas Loan Corp, wasn't listed either. Her best bet would be to make that phone call and see if it's under another name. Or, like goudah says, they could be in some trouble if they're operating without a valid license.
Thank you guys for the help. I called the number and was told th
Thank you guys for the help. I called the number and was told that they do not have to be licensed in Tx because they can operate as CSO's (credit service organizations). I also called the local DA office myself on CC's advice and was told that they DO NOT take any cases from payday loans at all. They do not deal with them. So at least I can breathe easier. Thank you guys so much.
No problem. I wasn't aware that pdl's were operating legally as
No problem. I wasn't aware that pdl's were operating legally as CSO's, but it sure makes a few things make more sense now!
A CSO (Credit Service Organization) does not have to follow the
A CSO (Credit Service Organization) does not have to follow the same laws as payday loans. Since originally the idea was that these places would help the consumer, they are an pretty unregulated industry. A CSO is supposed to help the consumer improve their credit rating, or obtain credit for the consumer, or service either of the two.
What happens is you apply at the CSO. They then will take your application to a lender, and help you get the loan. It's almost like you have a cosigner. But they aren't responisble like a cosigner. The idea is since you have bad credit, you use this company to help get a loan because this company will say "Yes, this person is worthy of the loan".
The CSO services and handles all issues involving the loan, so you would never even talk to the original lender. And since there have been court cases that have determined that any fees charged by these CSOs cannot be considered interest, they can pretty much charge what they want. They still have to follow any interest rate caps, but they can charge a fee too and that cannot be looked at as interest.
If they are not considered a "payday" company you might want to
If they are not considered a "payday" company you might want to be be careful with the NSF check then. You can have charges filed against you for a NSF check that you do not pay back. Talk to the DA's office again to make sure and explain everything in detail. This is the Texas bad check statute. I see these types of charges all the time so be careful with this.
read co.wise.tx.us/JP4/.../ISSUANCE_OF_BAD_CHECKS-FYI_and_PROCEDURES.pdf
goudah
Would one know if they are dealing with a CSO? Or would one just be thinking they are dealing with a pdl? Is it written on anything stating that they are a CSO when you take out the pdl?
I would think that it would be on the contract somewhere. For C
I would think that it would be on the contract somewhere. For Cash Net USA, it is clearly stated on their website that for Florida residents (and possibly other states, i haven't checked) that they are operating as a CSO and are not the lender for that state.
It says the same stuff on their website for Texas too.
It says the same stuff on their website for Texas too.
I just looked at all the states Cash Net USA services, and it lo
I just looked at all the states Cash Net USA services, and it looks like the only two the operate as CSO's in are Texas and Florida.
goudah
goudah, I just have to say, you do one hell of a job researching! Thank you so much for all the effort you put into finding things out. Even if they don't pertain to me, I read it all and learn all the while. Thank you!