THE BLOG

15
Mar

1 Simple Payday Loan Collection Tactic

Posted by / payday loan collections

“We’ve been taught to collect only one way. Heavy demand. Lots of thunder. But before you start firing all your collection bullets, how about a different approach?” Steve Hodgdon, founder of Modern Asset Management, reminds all of us to not overly complicate the task of getting borrowers to pay us.

Watch Steve’s short video and put some serious cash in your pocket. [After watching Steve’s collection video, READ THIS!]

The Best Collection Question. The single, best question to get your borrower to TALK to you. Let me know what you think.

Collections driving you nuts? Reach out to Steve.
Steve Hodgdon
President
Modern Asset Management, Inc.
1-415-596-2415 cell
1-800-617-3680 ext 801

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14
Mar

Payday Loan Industry CFPB Field Hearing-Nashville

Posted by / CFPB

Join us for a field hearing in Nashville, Tennessee on payday loans on Tuesday, March 25 at 11 a.m. CDT. The event will feature remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.

Nashville Public Library Auditorium
615 Church Street
Nashville, TN 37219

This event is open to the public and requires an RSVP.

To RSVP
Email cfpb.events@cfpb.gov with:

  • Your full name
  • Your organizational affiliation (if any)

If you need an accommodation to participate, you can make a request.

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13
Mar

California Payday Loan Proposed Rulemaking by DOB

Posted by / Uncategorized

By: Admin at Trihouse Payday Loan Consulting: The STATE OF CALIFORNIA – DEPARTMENT OF BUSINESS OVERSIGHT is seeking consumer and industry comments on proposed rulemaking relevant to the California payday loan industry. The California DOB is accepting comments until May 6th. It’s critical that our industry provide insight regarding the impact and acceptance of these proposed rule changes. Our “haters” have been very active!

INVITATION FOR COMMENTS ON PROPOSED RULEMAKING UNDER THE CALIFORNIA DEFERRED DEPOSIT TRANSACTION LAW

[NOTE: This was brought to my attention by the law offices of San Francisco based Paul Soter. Paul specializes in providing legal counsel for lenders in Calif.]

BACKGROUND

The Department licenses and regulates deferred deposit originators, more commonly known as payday lenders, under the California Deferred Deposit Transaction Law (Financial Code section 23000 et seq.). The Department is considering various changes to the regulations under the California Deferred Deposit Transaction Law and prior to initiating formal rulemaking, recently sought comments on these changes from  interested parties [see Invitation for Comments on Proposed Rulemaking Under the California Deferred Deposit Transaction Law (PRO 04-08), dated May 29, 2013].

Among other things, the potential changes would authorize a licensee to use electronic fund transfers and prepaid debit cards offered by licensees to provide the funds from transactions to customers and to collect payments from them, but would not permit a licensee to use a customer’s debit card, prepaid debit card or credit card in conjunction with a deferred deposit transaction.

QUESTIONS UNDER CONSIDERATION

The Department received a number of written comments on the proposed changes. Some of the comments have offered insights that may suggest the need for further consideration and therefore the Department is requesting additional information. The Department is also seeking specific information on the potential economic and cost impact to businesses and consumersContinue Reading..

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04
Mar

Job Posting: Director Of Product Development for Loan Products

Posted by / Uncategorized

Director of Product Development Position Available Immediately

We have an exciting opportunity for the right performer! Don’t get hung-up on the “title.” If you’re a fit, you can call yourself anything you like! 

Our client, an established online lender (not a startup) is looking for a “Director of Product Development” to launch a new division. A primary goal is to transition to a state-by-state licensing model.

The candidate must have at least 5 years of on-line/short-term lending experience and must be an expert in development and implementation of processes and procedures for state licensed lending. The “Director” will work with legal counsel to keep abreast of changes in laws & regulations affecting all functional areas of the business. The ability to effectively work with compliance personnel, operations, legal counsel and IT is imperative.

Responsibilities include:

  • Creating, implementing and managing loan products for state licensed short-term lending. Includes staff training, policies, procedures, and compliance requirements.
  • Monitor and review regulatory and legislative changes; advising management of the operational impact of trends and changes. Facilitate implementation of new and regulatory changes as necessary.
  • Centralize and maintain oversight of new division’s policies, procedures, and training documents.
  • Work with call center management to improve processes and achieve strategic plan.
  • Review and assist in revision and development of loan agreements, disclosures and marketing materials.

Requirements include:

  • Detailed knowledge of on-line lending which include operations and regulatory experience.
  • A minimum of 5 years of related work experience.
  • Proven track record of designing and implementing on-line lending products/strategies.
  • Experience developing policies, procedures and training programs.
  • Technical knowledge of lending products including underwriting, operational processes and services.

Additional details:

  • Compensation open and determined by candidate’s knowledge and “fit.”
  • It’s highly likely relocation to the Mid-West 🙂 will be required.
  • Relocation expenses provided.
  • Need is immediate.

NEXT STEP: I need your contact info. Click here: “Director of Product Development.”

Jer@TrihouseConsulting.com

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01
Mar

Georgia Car Title Loan Business Laws

Posted by / car title loans

By: Trihouse Consulting. How to start a car title loan business in Georgia

Georgia regulates title loans as pawn loans, specifically including title lending in its definition of “pledged goods,” which the statute defines as “tangible personal property, including all types of motor vehicles or any motor vehicle certificate of title, which property is purchased by, deposited with, or otherwise actually delivered into the possession of a pawnbroker in connection with a pawn transaction.”

In addition to the general rules governing pawnbroking, Georgia’s car title statute has several rules that apply specifically to title lending.

Georgia has a disclosure requirement in addition to other disclosure rules similar to those required by federal law. Georgia car title loan lenders must include the statement: “Failure to make your payment as described in this document can result in the loss of your motor vehicle. The pawnbroker can also charge you certain fees if he or she actually repossesses the motor vehicle.”

Georgia mandates that car title loans be for 30 days. Georgia’s car title law does not govern rollovers and it puts caps on the fees that lenders may charge, although the caps are high.

If the borrower defaults, the Georgia car title statute enables the lender to repossess the vehicle, but it sets limits on the fees lenders can charge in connection with the repossession. Georgia prohibits agreements that make the borrower personally liable for the debt.

How to Start a car Title Loan Business: AutomobilePawn.com

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PDF: 500+ Pages $150.00

How to Start or Improve a Consumer Loan Business: Storefront or Internet anywhere!

How to Start or Improve a Consumer Loan Business: Storefront or Internet anywhere!

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