Need help in finding out the licensing info
Date: Mon, 08/06/2007 - 05:31
Need help in finding out the licensing info
One step cash
pay day 2 go
fast bucks now
star advance
unmited cash loans
thank you
Guest, Welcome...we will be glad to try to help you. Could you p
Guest, Welcome...we will be glad to try to help you. Could you please give as a little more info?? Are these internet pdls?? What state do you live in?? How much was the original loan for and how much exactly have you paid so far?? Thank you....
i live in ny all of these are internet pdl all were for 350.00
i live in ny
all of these are internet pdl
all were for 350.00
ok..I found this from a recent thread....there are a couple of o
ok..I found this from a recent thread....there are a couple of others here from NY also. Now as I understand it you must also look at the state where the ipdl is located to see if they are licensed there. Most are not but check to be sure.
Quote:
June 13, 2000 To the Institution or Organization Addressed Re: Payday Loans Since issuing an All Institutions letter regarding payday loans on June 29, 1999, the Banking Department has become aware that banks and other companies are continuing to advertise and offer these loans in New York State. Payday loans are typically made at usurious rates of interest as described below. As both a preventive measure and an effort to elicit additional information from consumers, we are taking this opportunity to once again clarify the Banking Department????????s view of certain practices pertaining to payday lending. In order to make payday loans in New York, an entity must be either a bank or it must be licensed as a small loan company. No entities licensed by the Banking Department engage in this particular type of business in New York. However, out of state companies are making this type of loan. Just recently, the New York State Banking Department contacted one company, that is neither a bank nor a licensed lender. This company had been offering payday loans in New York State and has now agreed to immediately cease taking applications for payday loans from New York State residents. Non-bank companies that offer payday loans in New York, even if licensed as a Licensed Lender under Article 9 of the Banking Law, may not charge an annual interest rate that is in excess of 25%. Banks that offer these loans may export the interest rate permitted in their home state. Banks are permitted by federal law to offer a single maximum rate of interest to customers across the United States. However, banks that choose to offer this type of loan product at exorbitant interest rates are blatantly abusing this authority. These types of actions, when judged in the court of public opinion, can lead to a groundswell of outrage resulting in reputational harm and safety and soundness problems. Payday loan companies typically grant advances to individuals against their next paycheck. In return for the advance, the company typically charges a "fee". For example, for a fee of $35, a payday loan company might agree to make the borrower a two-week advance of $120. In order to obtain the loan, the borrower would agree to write the company a check for $155 that the lender agrees to hold until the borrower????????s next payday. If funds are still insufficient to cover the check once the borrower????????s paycheck is deposited, the payday loan company might agree to renew the loan for another period, thereby resulting in additional fees for the borrower. As illustrated above, payday lenders typically charge high "fees" for their services. It should be noted that if the loan advanced results in an annual interest rate in excess of 25%, then a New York lender would be in violation of ?190.40 of the New York State Penal Code. Furthermore, it is the Banking Department????????s position that any and all charges to the borrower to obtain the loan, irrespective of how they are identified, constitute interest and are subject to the 25% limitation. Violators of this provision will be vigorously prosecuted. If you have any complaints, concerns or questions regarding the issuance of payday loans in New York State, or if you have obtained this type of a loan in New York State, please contact the Banking Department????????s Consumer Hotline at 1-800-522-3330. We appreciate your attention to this matter. Sincerely, Elizabeth McCaul Superintendent of Banks |
[quote]November 30, 2004
Re: Payday Loans
This is in response to your letter dated September 1 7, 2004 indicating your company's desire to obtain a license to offer payday loans in New York State.
Section 340 of Article IX of the New York Banking Law states that no person or other entity shall make loans to an individual for personal, family, household or investment purposes in a principal amount of $25,000 or less, and in a principal amount of $50,000 or less for business and commercial loans, if that person or entity charges an interest rate greater than permitted by law (currently 16% under Section 14-a of the Banking Law and Section 5-501 of the General Obligations Law) for a person or entity not licensed under Article IX, without first obtaining a licensed lender license from the Superintendent of Banks. However, even if your company were to obtain a license to make loans in New York State, any interest charged on such loans in excess of 25% per annum would be criminally usurious under New York law. Payday loans cannot be made in this state except by a bank located in another state in which said loans are legal (exportation of interest rates by banking institutions is permitted in those cases).
In addition, we note that the letterhead for this company states that it is "wholly-owned by [ ] However, the Department does not have any record of this company being approved to do business in NY State, nor do we have any record of approving the use of the word "Trust" in the name. Please advise the undersigned as to the status of this entity. Does it have a physical presence in New York and, if it does, what type of business is it conducting in New York?
Sincerely,
Regina A. Stone
Deputy Superintendent [/quote]
You can search the AG site for info and also the BBB for adresses if you don't know them. You must also figure out how much you have paid on each one...ask if you have any other questions...
Question on PDL arrangement.
Sorry if this gets long, but here goes. I had 7 internet PDLs outstanding. Late June, I closed my checking acct, and sent letters to them all that i wanted to work with them to pay them off. set up payment arrangments with most. Two have never responded. Two are now paid off. Now, I may arrangements with Paychecktoday - to make a series of 3 payments, which i would call in on the designated days. The first one was 3 weeks ago. I called in, gave the representative my debit card information, and made my first payment. He reminded me that i needed to call in in two weeks and make the next payment. When i did call in this passed friday to make the payment, i got his voice mail and told him i would call back. Later in the afternoon, i got an email from him saying that he had just gone ahead and debited my card for the payment. CAN HE DO THAT? I contend that without my verbal approval he can't. please advise.
thanks.
kathy
Internet pdls are notorious for doing things like this. Were you
Internet pdls are notorious for doing things like this. Were you going to make the payment anyway?? Did you tell him in the voice mail not to put it through...I think you maybe able to call your bank and report it as not authorized and have them reverse the charges...but then the ipdl may charge you for the return and they have your bank info so they then may put it through for the balance..
Yes, i was going to make the payment. in my voice mail i said
Yes, i was going to make the payment. in my voice mail i said "I am calling regarding account #. You aren't in, but will call you back in about 2 hours". It just irks me that they went ahead and used my debit card information. my phone company cant do that.
I have one payment left with them, but now i want to cancel my debit card and have a new one issued, so they will be unable to auto process this last payment. i really feel they were wrong in doing this.
I totally agree with you Kathy...but if you have just one paymen
I totally agree with you Kathy...but if you have just one payment left...why not just make it and be done with them..sometimes it's not worth the agrivation of dealing with them...just my opinion. But make sure after that last payment that they send documentation that it is paid in full!!
Very Very True. You know? I borrowed money from my mom last y
Very Very True.
You know? I borrowed money from my mom last year to clear up a bunch of these pdls, and then within 6 months got back into them. this time, i told no one, i fought thru it myself, i scrimped and saved to make each arranged payment, and for some reason i think this time it will stick. i don't ever want to look at my paycheck and realize that there isn't any grocery money after all the payments to these pdls are taken out. i have 4 more scheduled payments to 3 of these pdls. then, except for the ones that i never heard from i am done. its a long road. your site here helped me. i read up on almost every forum and gleened information that helped me.
thanks
You are more than welcome....it's always nice to hear that this
You are more than welcome....it's always nice to hear that this forum has helped someone, especially out of a ipdl mess! If you read on here a while about all the pain and heartache these type of loans have caused...you will never apply for another!!! And if you ever get the itch...come back and we will talk you out of it!!!
kathylee
kathylee, giving your debit card information is just like giving your bank account information. The pdl's now have access to your bank account. I'm not trying to scare you at all. Just a word of caution. Another forum member paid one pdl in full and then a couple weeks later, the pdl hit their account again and debited more money out. This pdl hit your account without your authorization. They will probably do it again. You need to do something about this. Just because your next payment will be your last payment does not mean the pdl will not hit your account again. As long as they have your bank account information, they can hit it. And then you begin the fight all over again trying to get your money back. Like I said, I'm not trying to scare you or anything. I'm just want you to realize that once they have your information, they do feel free to debit your account.
The good news with a debit card is that you can cancelt he card
The good news with a debit card is that you can cancelt he card and get a new one without having to change bank accounts.
Thanks for the tip. I think i will be canceling the debit card
Thanks for the tip. I think i will be canceling the debit card and getting a new one issued as suggested. then.....NO MORE PDLS>.......