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Internet loan companies - collections - Tennessee

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jan_shc

Joined: 04 Jan 2007
jan_shc's page
Posts: 3

91 Magic Points

Subject: Internet loan companies - collections - Tennessee

Mon Jan 08, 2007 5:22 pm

Put your question here ...

The State of TN does not license any internet loan companies; therefore am I obligated to pay these companies beyond what I've already paid them (a fortune). Can a collection agency for them sue me?

anthony

anthony

Joined: 31 Jul 2006
anthony's page
Posts: 507

12662 Magic Points

Tue Jan 09, 2007 1:08 am

Find out the total payments you have paid on the loans. The companies need to be licensed in the borrower’s state for running a legitimate business. As you have confirmed them not licensed in your state, pay back the principal amount only. The collection agency cannot sue you on their behalf because the lender will be asked to prove their business before any actions are taken against you. If you end up going to the court, this point is to be used as your legal defense. How much have you paid on these accounts? Go through your bank statements and pay the outstanding balance.

J Davis
Guest

Subject: internet loans in TN

Tue Jan 09, 2007 1:03 pm

thank you so much. Except for one I have paid the principal and about 3x over that.

george

george

Joined: 06 Jul 2006
george's page
Posts: 75

2859 Magic Points

Tue Jan 09, 2007 7:21 pm

Here is the law in TN. Calculate the charges on your loan account. Recite the laws to the lenders whom you have paid excessive amount.

You need to claim for a refund from them. If they sound hard, file your complaints with the Secretary of State & the Attorney General and request investigations on the payday loan company. Check out from this list whether your loan company is licensed in your state or not: http://www.tennessee.gov/tdfi/compliance/Lic_DP.html

Quote:

Tennessee State Information

Legal Status: Legal

Citation:
Tenn. Code Ann. §45-17-101 et seq. and Tenn. Comp. R. & Regs. § 0180-28-.01

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville, TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018

George


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