THE BLOG

30
Sep

Payday Loan Law – South Carolina Payday Loan State Data Base

South Carolina has turned down an appeal protesting its previous decision to award a contract to Veritec Solutions for the establishment of an online database system for tracking payday loans applied for by residents of South Carolina.

The South Carolina chief procurement officer for the Information Technology Management Office, Mike Spicer, denied the protest by the Prism Group and the Tom Sawyer Group. The companies have 10 days to file an appeal.

The two South Carolina companies protested the award to Veritec claiming the award was arbitrary, erroneous, and in violation of state law, along with allegations the award made was not the best for the state of South Carolina.

Veritec already maintains several other payday loan state data bases. They proposed a fee based system that may collect up to $15 million over five years. The Prism Group and Tom Sawyer Company proposed a system that could collect $8 million over the same period.

The payday loan data base system is required under new South Carolina payday lending rules passed earlier this year.

14
Sep

Iowa Payday Loan, Check Casher, Rent to Own, Buy here pay Here Association Forming

ATTENTION all Iowa Check Cashing/Paydayloan, BuyHerePayHere Car Stores, Rent-to Own and PawnStore Operators!!!

Several of us in the industry are banding together to fight proposed regulations which will put many of our stores out of existence.  Several legislators in the state of Iowa are proposing new regulations on our industries which will effectively kill many of our businesses.  Make no mistake all our industries whether it is PaydayLoans, Check Cashing, Rent-To-Own, Buy Here Pay Here Car Lots, and Pawn Stores will eventually be under attack.  It won’t be just the Payday loan industry.  Overzealous legislators will be attacking all industries that operate in the sub/near-prime credit world.  Your Businesses and the thousands of Jobs and millions in revenue they have created are at risk.  Do not leave it up to the “Big Guys,” like Mister Money, Rent-a-Center, Check Into Cash and Advance America to fight it alone they need everyone’s help!  The first meeting of the minds will be held on September 23rd in Cedar Rapids Iowa at the Third Base Restaurant at Noon.  Here is the address:
Third Base Brewery
500 Blairs Ferry Rd NE
Cedar Rapids, IA 52402
Just west of the intersection of Blairs Ferry Rd NE and C Ave

Hope to see many of you there,
Jamie Smith
jamie.smith@paydaypartners.net
President of PaydayPartners Inc.

12
Sep

Payday Loan, Deferred Deposit and Check Cashing Laws Kentucky

Kentucky Check casher laws change

The laws governing check cashing in Kentucky have changed.

Some pro-visions of House Bill 444 took effect June 25. However, most of the provisions take effect Jan. 1, 2010, as specified in the bill. Changes include legal definitions, rules for licensing, enforcement and company requirements.

The 10-year moratorium on new check cashers began July 1. At this time, Kentucky has around 750 check cashers. While new licenses may not be issued, current licenses are transfer-able or assignable, subject to approval by DFI.

DFI is procuring a database that will be operational by July 1, 2010. With real-time access through an Internet connection, check cashers will be able to verify a customer’s eligibility to make a deferred deposit transaction. The Finance and Administration Cabinet will select a vendor to build the database after soliciting proposals. The request for proposal (RFP) may be accessed at http://eprocurement.ky.gov/.
For more information on the changes brought by HB 444, visit www.kfi.ky.gov/nondepository/hb444.htm.