too many payday loans in wyoming

krissy- Here is a link for PDL laws for your state at http://www.paydayloaninfo.org/state_detail.cfm?id=WY are these internet or store front loans? If you register, someone will contact you for freecredit counseling, and discuss options, such as consolidation with you. Some companies will consolidate pdls and some won't. Feel free to ask questions..KAren

It is hard to believe that your employer has told you it will take 2 pay cycles to stop your direct deposit
It can usually be stopped asap. Did you tell your employer that there was fraud on your account, and that it can not be used?
Some one will be by soon to help you with all your questions.

We can help you. First, since your direct deposit can't be stopped for two weeks (which I find amazing), you need to put a hard debit block/hard hold on your bank account. You're in the negative. They won't allow you to close it. Go to the bank, talk to the bank manager (no one else), explain you have illegal companies taking unauthorized debits from your account and you need a hard debit block on it. Tell them you'll pay your account to get it back to positive (whatever!). But they need to block ANY debits from coming through. Call your payroll department. Tell them that your bank account has fraudulent activity on it. Stress the importance of this. Tell them they need to take you off direct deposit immediately and issue you paper checks. This takes guts and you can't take any crap from these people. They can help you. They can help with stopping your direct deposit if you stress the importance of fraudulent activity. And your bank can put a block on your account. They may try to argue with you. Stand your ground. You need to get this taken care of or the pdl's will keep hitting it and you'll be broke (again). Take care of calling your payroll now. And then, you can call the bank and speak to the branch manager (personally it's better to go in there) and tell them the situation. See what you can get done now (getting your money under control is the first important thing) and then we'll look at your internet pdl's....

I forgot to add, talk with your bank about these loans. If these are store front loans, try to work something out with them-they generally follow the laws, and tend to sue..Good Luck..Karen

Thank you all soooo much for the replies. I am getting busy right now. Will keep you posted.

I have sent letters to all the internet payday lenders. Do they have to follow the laws here even though they are not licensed in the state of Wyoming and I electronically signed their contract?

Normally, yes. They would need to follow your state's laws. But check with your state's DFI (dept of finanical inst.) to be sure. Some state's will allow businesses not physically located in that state to lend over the internet with another state's license, and follow the laws of the state in which they are licensed.

Wyoming law regulates payday lenders with physical addressees in Wyoming, which must be licensed. The rates are based in a full calendar month. For example if the total amount loaned is $100 the most that could be charged is $30 since $30 is greater than $20 which is 20% of the amount borrowed. If the amount borrowed is $200 for 14 days, the highest amount that may be charged is $30 [14 days/31 days x 20% x $200 = $18.06]. Rolling over is prohibited. A lender may permit the borrower to repay original finance charges in installments but may not charge an additional fee for that convenience. The apr for a 14-day $100 loanis 780%. i take this to mean that you may not operate in Wyoming without a license.

Do the internet lenders still have to abide by state law even though they are not licensed and I signed their contract?

Right, but that doesn't mean that internet loans are prohibited. That would mean that they do not license them since they aren't located in Wyoming. Usually in that case that means that as long as they are licensed in another state they are okay. Sometimes it means that internet loans are illegal. But you'd have to check with the DFI to be sure.

I just got off the phone with the DFI in Wyoming. A physical presence is not required. Any internet company lending to Wyoming residents must be licensed in Wyoming.


Krissy - You need to go to the DFI website and file complaints against these companies. Not only are
they not licensed, but they are not following the laws. Have any supporting documents ready when you file the complaints.

Well, now I'm confused. I just found this:


It is also saying that Wyoming only regulated lenders with a physical presence. But the guy at the DFI told me the opposite. Hmmm . . . . Will keep looking . . . .

Thank you all so much for your help. I would be lost without you.

I'm still trying to get concrete info on this . . . . I will post it as soon as I can get some.

I just found this.

That's the same thing I found . . . . Everything "offical" I've found says that any pdl has to be licensed, regardless of wether or not they have a physical location in Wyoming. But then I keep finding all this other stuff saying that Wyoming doesn't license companies not located in Wyoming . . . .

Okay, here's some emails from the Wyoming DFI:


[quote]From:
Sent: Tuesday, August 14, 2007 1:24 PM
To: Marlene Aitchison
Subject: Internet Payday Loan Question


Hello,

I'm trying to find out if an internet based payday loan company with no physical presence in Wyoming needs to be licensed to lend by Wyoming. If they don't need to be licensed by Wyoming, would they still need to follow Wyoming's payday loan laws, or would they need to follow the laws of the state in which they are licensed?

Thanks!

---------------------------------------

From: Marlene Aitchison [mailto:maitchison@wyaudit.state.wy.us]
Sent: Wednesday, August 15, 2007 7:02 AM
To:
Subject: RE: Internet Payday Loan Question


Hi -

Wyoming statutes do not exempt internet-based payday loan companies with no physical presence in Wyoming from licensing; therefore, if the company lends to Wyoming consumers, a license is needed.

License application forms can be found on our Internet website (http://audit.state.wy.us/banking/uccc/ucccapplicationforms.htm)

Please let me know if you have additional questions.

Marlene


Marlene Aitchison
Projects Coordinator
Wyoming Division of Banking
maitchison(@)wyaudit.state.wy.us
307.777.7792 direct line
307.777.3555 fax[/quote]


So internet based companies DO need to be licensed in Wyoming, and DO need to follow Wyoming laws!