It has been nearly two weeks now since I notified this wonderful group of its illegal operations in California via a certified letter with return receipt. I received the receipt of delivery a little over a week ago.
I have been expecting to receive my bi-monthly prior to pay-day email warning of an automatic withdrawal from my account. But all is strangely silent. [Question] Does this mean they got the message? OR do they sometimes take a long time to respond to a ACH revocation letter?
Below is the ACH revocation letter I sent them. If someone could give me their opinion on it I would appreciate it very much.
Monday, September 20, 2010
VIP Cash /QLOOT /DMA Financial
1700 E Desert Inn Rd #207
Las Vegas, NV 89169
This letter is to inform you that I am aware of the FACT that the payday loans you issued to me, via the internet, are NOT legal or binding in California. For your convenience, I have included California State payday loan laws below.
Cal. Fin. Code Â§Â§ 23000 to 23106
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)
Collection Fees: $15 NSF fee
Criminal Action: Prohibited
The state of California requires all payday lenders to be licensed in THIS state. I have already contacted the State Board of Corporations; YOUR Company does NOT have a license to issue payday loans in the state of California. Also, NO licensed lender may exceed the maximum amount allowed by California law of $300 (see above info). If I am mistaken. I will need proof in the form of a license number and any other supporting documentation so that I may verify it with my Attorney General and the California Department of Corporations. Legally, I am only bound by the state laws in which I reside. As I have no presence in your state, and you are operating without license in mine, therefore, I have no legal obligation to the 'governing laws' you may have detailed.
Be advised that as of today (20 September 2010) I am revoking ANY and ALL ACH authorizations with your company from debiting any AND all of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I also revoke ANY and ALL wage assignments I may have signed, by you, including but not limited to; any of your affiliates, DBA's, and collection agencies assigned to this account. None of the above no longer have my permission to access my accounts or impose any wage assignments.
I will only communicate to resolve this matter via email. Please do not attempt to contact me or any of my references via telephone, you will be ignored, and in violation of the Fair Debt Collections Practices Act. section Â§ 806-C Also, any moneys already paid to you in the form of fees, interest, etc., will be applied against the original amount of the loan. If it is determined that the fees paid are in excess of the principal amounts of the loans, or in excess of Californiaâ€™s Maximum Loan Amount of $300, that will be considered as payment in full, and would indicate a refund is in order.
Please note that if you reply to this notice with any misleading legal implications or menacing course of actions you are unable to follow through with, I will take actions against your company and file complaints with my Attorney General, Edmund G Brown, the BBB, and the California Board of Corporations Enforcement Division, which oversees litigation and complaints for the state. Please note that the FTC has and Calif. Board Of Corp., already been contacted and a complaint filed.
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