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500FastCash legal in California?

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I just read that the California Department of Corporations took 500FastCash and some other companies to court in California ( Agoura Hills ) saying they were illegal and the court decided state laws don't apply because they are on an indian reservation. Is that true? Everywhere I looked on this site it said they were illegal and I should close my bank account and not pay them anymore since I had paid more than what I borrowed. So I did that. Am I going to get in trouble now?

I doubt you are going to get in trouble. They may have ruled the state law does not apply but they would still need to take you to court and get a civil judgement and they are not going to do that.

There is to much time, money and effort needed to take people to court. They would rather just harrass the consumer and hope to intimidate them into paying their outragous fees.

Sub: #1 posted on Fri, 02/20/2009 - 15:59

nohiogal nohiogal

(Posts: 2582 | Credits: 118)

Look at the California state information and here is one thread on 500FastCash

Sub: #2 posted on Fri, 02/20/2009 - 16:19

bakerjon bakerjon

(Posts: 1086 | Credits: 102.95)

the dept of corporations can try to take action.because they have a mail drop on a reservation they are exempt from penalty.however talk to your AG and hear what they have to say.they will say what every other AG says.they are illegal,have been illegal,and will always be illegal.having exemption from prosecution and other sanctions doesn't make them less illegal.

Sub: #3 posted on Fri, 02/20/2009 - 19:40

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15511 | Credits: 1357.03)

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