I know it won't do any good, but it makes me feel pretty good for a few minutes anyway..
I got yet another of those "You are a VIP" emails from Upfront Payday even though I have "opted out" like 10 times. So this is the response I've sent to the admins as well as to the compliance department. :D
I will spell this out to you nice and simple, since you didn't seem to get the point the last 16 times I've asked to be removed from your mailing lists.
I AM NOT INTERESTED IN ACCEPTING LOANS FROM LOAN SHARKS.
I am now educated in the LAWS on payday loans. BY CONTINUING TO SOLICITE ME FOR PAY DAY LOANS YOU ARE IN VIOLATION OF INDIANA STATE LAW. YOU ARE NOT LICENSED TO LEND IN THE STATE OF INDIANA. YOU WILL BE REPORTED TO THE INDIANA ATTORNEY GENERAL'S OFFICE AS WELL AS TO THE INDIANA DEPARTMENT OF FINANCIAL INSTITUTIONS. You do realize that if you loan me money, it will be an uncollectable loan. Or are you offering me a gift???
NOTICE TO UNLICENSED INDIANA LENDERS WHO ARE SOLICITING
BUSINESS IN INDIANA
Investigation by the Indiana Department of Financial Institutions (Ã¢â‚¬Å“DepartmentÃ¢â‚¬Â) has
determined that your company is among several unlicensed entities making or offering
consumer loans to residents of Indiana via the internet.
Depending on the type of loan being offered, your company is in violation of IC 24-4.5-
3-502 and/or IC 24-4.5-7-102. These statutes reference consumer loans, and/or Small
Loans (commonly referred to as Ã¢â‚¬Å“Payday LoansÃ¢â‚¬Â) and require a license issued by this
office in order to make these consumer loans.
During the recently concluded session of the Indiana General Assembly, there was a
change to the statute governing the territorial application of the Indiana Uniform
Consumer Credit Code, including the Indiana Small Loan Act. Effective July 1, 2007, IC
24-4.5-1-201 requires internet lenders to be licensed, and to comply with Indiana law,
when making loans to Indiana residents. Additionally, IC 24-4.5-1-201( reads Ã¢â‚¬Å“If a
creditor has violated the provisions of this article that apply to the authority to make
consumer loans (IC 24-4.5-3-502), the loan is void and the debtor is not obligated to pay
either the principal or loan finance charge, as set forth in IC 24-4.5-5-202.Ã¢â‚¬Â
You are advised to Cease and Desist the offering of these types of loans to Indiana
residents unless/until you have obtained the proper Indiana loan license. Consumers will
be advised that these loans are not in compliance with Indiana Statutes and that these
loans are considered null and void, and as a result, uncollectible. Additionally, the
Department may seek injunctive relief under IC 24-4.5-6 in the event of continued noncompliance.
All Financial Institutions operating within the state of Indiana will be advised that
electronic payment and / or paper/check transactions connected with these illegal loans
should be rejected if an entity is unlicensed. Consumers will also be advised on the
procedure to stop electronic debits to their accounts using return codes.
Questions concerning the acquisition of a loan license may be directed to this office.
Information is also available via our website at www.in.gov/dfi
Mark B. Tarpey
Supervisor Ã¢â‚¬â€œ Consumer Credit Division
The only kind of preditors I like to see or hear are the type that can't speak or use the phone, ie. tigers, sharks, lions, bears