• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Payday Lending fees more than state allows

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

L

LisaAz29

Guest
What is the name of your state? Arizona
I have been searching through Arizona Laws (statutes). I have found that the Payday lending company I am customer might be in violation of
Chapter 12.1 Deffered Payments
Article 1-General Provisions
6-1260 Deffered presentment; amount; fees
F. A licensee shall not directly or indirectly charge any fee or other consideration for accepting a check for deferred presentment or deposit that is more than fifteen per cent of the face amount of the check for any initial transaction or any extension.
I have been rolling over the same loan since November of 2001 due to money difficulties, but I have been paying more than 15% in fees stated in subsection F. I have been charged $52.50 for the same $300.00 loan which is 17.5% total= $120.00 over charged. (total charged $840.00 for a loan of $300.00)
I need to know if I am interpreting this correct , because the company is saying what they do is take the amount loaned out $100.00 add $17.50 (which is their fee), then they said the 15% fee is from the face value of $117.50 even though I am not being loaned $117.50, can they do that? If not, then is the contract valid?
Thank You
 



Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top