How to check state laws for licensed Pay Day Loan companies
Date: Wed, 10/10/2007 - 14:16
[font=Verdana][size=6][color=Black]I have read all your blogs and found them very helpful and interesting.
Yesterday I received a letter from a collection agency stating I owed them $500+ for a pay day loan, the company was No-Fax-Pay-Day-Loan, of which I don't remember taking a loan out with them just the companies above. I know they operate with different names, but how do I find whether the company is legally eligible to lend money to persons in the state of Maryland? I have search the Maryland Code and Court Rulings under Cash Advance and Pay Day but nothing specific to the matter. I have had approximately 6 pay day loans open at one time from various companies, ameriloan, Coasline Credit, SJM Marketing, Ameriloan, United Cash Loans, $500FastCash, Rio Resources.
I need to ensure that when I battle these companies if they should arise, I have concrete evident they don’t have licensing in Maryland or violate any laws. I have had my run ins with Ellis & Crosby so I know about their practices, last I heard I paid them $500+ and the company Platinum B Services never received their money.
How can I contact these companies requesting this information, without having to provide them my social, full name and address as they are requesting here lately when I inquire about their licensing?
Please help.[/color][/size][/font]
Yesterday I received a letter from a collection agency stating I owed them $500+ for a pay day loan, the company was No-Fax-Pay-Day-Loan, of which I don't remember taking a loan out with them just the companies above. I know they operate with different names, but how do I find whether the company is legally eligible to lend money to persons in the state of Maryland? I have search the Maryland Code and Court Rulings under Cash Advance and Pay Day but nothing specific to the matter. I have had approximately 6 pay day loans open at one time from various companies, ameriloan, Coasline Credit, SJM Marketing, Ameriloan, United Cash Loans, $500FastCash, Rio Resources.
I need to ensure that when I battle these companies if they should arise, I have concrete evident they don’t have licensing in Maryland or violate any laws. I have had my run ins with Ellis & Crosby so I know about their practices, last I heard I paid them $500+ and the company Platinum B Services never received their money.
How can I contact these companies requesting this information, without having to provide them my social, full name and address as they are requesting here lately when I inquire about their licensing?
Please help.[/color][/size][/font]
Quote:Legal Status: Prohibited Citation: Consumer loan act a
Quote:
Legal Status: Prohibited Citation: Consumer loan act applies. Md. Code Ann. Com. Law II ???? 12-301 et seq. Small Loan Rate Cap 2.75% per month; 33% per year. Where to Complain, Get Information: Regulator: Maryland Commissioner of Financial Regulation Address: 500 North Calvert Street Suite 402 Baltimore MD 21202 Phone: (410) 230-6100 http://www.dllr.state.md.us/finance/ |
Ok the very good news is that thease loans are not permitted in your state.