I have a 250 loan from ameriloan and I spoke to a supervisor in the final collections dept. He told me they are licensed in my State which is Arizona. I kept telling him they were not listed in the State Banking Department's of licensed Payday Loan Lenders. He replies to me if we were not licenswed we would be out of business and that they will win no matter what. He even said the company has been in business longer than ebay. He told me if I did not make arrangements they would write off the 400 now dollar debt and take further action against me. i told him the fees weere illegal in AZ, and he told me they were reasonable. He even said for me to get legal advice from an attorney...He even threatened to hang up the call because I giving him a legal lecture about AZ Payday Loan Laws....Here is an excerpt from AZ Law that told himk about:
6-1262. Violation; classification; individual liability
A. A person that provides deferred presentment services without a license is guilty of a class 1 misdemeanor.
B. A licensee that violates this chapter or the rules adopted pursuant to this chapter is subject to revocation of the licensee's license and is guilty of a class 1 misdemeanor.
C. An officer or agent of a corporation or association who participates in a violation of this chapter is subject to the penalties prescribed in this section.
D. Except as the result of an accidental or bona fide error, if the licensee charges, contracts for or receives any amount in excess of the fees expressly permitted by this chapter, the deferred presentment is voidable and the licensee has no right to collect or receive any fees in connection with the deferred presentment transaction. Any deferred presentment transaction that is made by a person who is required to be licensed pursuant to this chapter but who is not licensed is void, and the person has no right to collect, receive or retain any principal or other fees in connection with that deferred presentment transaction
So if they did write this off on Credit Reports, I could dispute it since it is not a vlaid debt under AZ Law because Ameriloan does not have a license. Also he told me that the contract is still valid whether they have a license or not.