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All internet payday loans illegal in Kentucky

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Starting Jan 1, 2010 all internet payday loans are considered illegal. The Kentucky department of financial institutions does not issue licenses to internet lenders so there is no such thing as a legal online payday loan.

As an added bonus, all loans made prior to 2010 are considered invalid and are not collectable. This would include any fees AND the principle of the loan.

I look at this as more of a class action settlement since kentucky realizes that going after the lenders individually is nearly impossible.

Happy new year.




Frogpatch


Posts: 5385
Credits: 65249.255519088

Sub: #1 Thanks for the information! It will help a lot of people from th
Mon, 01/04/2010 - 13:23

Thanks for the information! It will help a lot of people from the lovely state of Kentucky




Unregistered

Sub: #2 Good to hear the State of Kentucky has taken this action! Yes, a
Tue, 01/05/2010 - 04:50

Good to hear the State of Kentucky has taken this action! Yes, as many of the PDL's are actually located in other countries, there's little or nothing Kentucky or any other State/Federal government agency could do as far as legal action against them.




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #3 This makes me happy, I hope more states will follow suit.
Tue, 01/05/2010 - 06:10

This makes me happy, I hope more states will follow suit.




bea2ls

Posts: 3840
Credits: 37055.9

Sub: #4 this also makes me happy.. is there anything online we reference
Tue, 01/05/2010 - 08:26

this also makes me happy.. is there anything online we reference this new law to?




Unregistered

Sub: #5 Ky housebill 444 www.kfi.ky.gov/nondepository/hb444.htm parts
Wed, 01/06/2010 - 09:36

Ky housebill 444

www.kfi.ky.gov/nondeposito ry/hb444.htm

parts 9 and 10 under licensing.

I will put together a step by step guide and form letter on how you should coorespond to them.




Unregistered

Sub: #6 I can also say this is a result of complaints to the ky departme
Wed, 01/06/2010 - 09:41

I can also say this is a result of complaints to the ky department of financial institutions. A very high percentage of the complaints (95+%) were about online loans.

Ky saw no way to regulate them or limit a residents access to them so they said they are not honoring the debt a resident incurs.




Unregistered

Sub: #7 It'll be interesting to see what the internet PDL's have to say
Wed, 01/06/2010 - 10:24

It'll be interesting to see what the internet PDL's have to say about THIS law, won't it? Anyone want to bet they'll say that the State Government of Kentucky doesn't know what it's talking about?




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Debt Samaritan
Posts: 185
Credits: 4888.95

Sub: #8 How sweet it is! Many more states will follow suit...just watch
Wed, 01/06/2010 - 15:07

How sweet it is! Many more states will follow suit...just watch :-)




ronnie cox
Posts: 22
Credits: 772.2

Sub: #9 Illegal payday loans in KY
Mon, 02/01/2010 - 11:43

I have tried to explain the laws of KY to my internet payday lenders but I am getting the same responce from them all " You agreed to the loan so you have to abide by our state laws not KY". Is there any truth to this? Also I read I didn't have read that I didn't have to pay them another dime, Is this true?




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #10 Quote:Originally Posted by ronnie coxI have tried to explain the
Tue, 02/02/2010 - 04:40

Quote:
Originally Posted by ronnie cox
I have tried to explain the laws of KY to my internet payday lenders but I am getting the same responce from them all " You agreed to the loan so you have to abide by our state laws not KY". Is there any truth to this? Also I read I didn't have read that I didn't have to pay them another dime, Is this true?

Just tell them your state law prevails.




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