Payday Loan Laws on Delmarva - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Payday Loan Laws on Delmarva

Posted:

Are you aware of the payday loan laws in your state? Here are the laws limiting payday loan practices in Delaware, Maryland and Virginia.

All of the information below has been provided by www.debtconsolidationcare.com.

Delaware Payday Loan Laws

State Legal Status
Lending of payday loans are permitted in the State of Delaware under small loan act or licensing law.

Loan Specifications

  • Maximum Amount of Loan - $500
  • Term of Loan - Maximum 60 days
  • Maximum Rate of Finance and Fees - Not Specified
  • Finance Charge on $100 loan for a 14 day period - No Limit
  • APR for $100 loan for a 14 day period - No Limit

Debt Limits

  • Maximum Number of outstanding loans permitted at a time - Not Specified ( Aggregate loans of $1000 outstanding to all licensees)
  • Permissible number of Rollovers - 4 (rollovers)

File your Complaint and get Information

  • Regulator - Delaware Office of the State Bank Commissioner
  • Address - 555 E. Loockerman Street Suite 210 Dover DE 19901
  • Phone - (302) 739-4235
  • Fax - (302) 739-3609
  • Regulatory Contact - Administrator, Non-Depository Institutions and Compliance

Maryland Payday Loan Laws

State Legal Status
Lending of payday loans are prohibited in the State of Maryland.

Interest Rate Cap on Small Loans

  • 2.75% per month
  • 33% per annum

File your Complaint and get Information

  • Regulator - Maryland Commissioner of Financial Regulation
  • Address - 500 North Calvert Street Suite 402 Baltimore MD 21202
  • Phone - (410) 230-6100
  • Fax - (410) 333-3866
  • Regulatory Contact - Michael Jackson Director, Regulatory Policy

Virginia Payday Loan Laws

State Legal Status
Lending of payday loan is legal in the State of Virginia.

Loan Specifications

  • Maximum Loan Amount - $500
  • Term of Loan - Minimum two pay periods
  • Maximum Rate of Finance and Fees- 36% annual rate of interest + verification fee of $5 + 20% of the loan
  • Finance Charge on $100 loan for a 14 day period - $26.38
  • APR for $100 loan for a 14 day period - 687.76%

Debt Limits

  • Maximum Number of outstanding loans permitted at a time - 1
  • Permissible number of Rollovers - None (cannot be renewed, refinanced or extended)
  • Cooling-off Period - One day after pay, forty-five days after the fifth loan, ninety days after payment plan
  • Repayment Plan - Yes, once per annum


Limits of Collection

  • Collection Fees - a) NSF fee of $25; b) Costs of court; c) Fees of a reasonable attorney (should not exceed $250)
  • Criminal Action - Prohibited


File your Complaint and get Information

  • Regulator - Virginia Bureau of Financial Institutions
  • Address - State Corporation Commission, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
  • Phone - (804) 371-9657
  • Fax - (804) 371-9416
  • Regulatory Contact - Susan E. Hancock,, Deputy Commissioner, Consumer Finance

 

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Delmarva Power: Conserve Energy on Tuesday

    Delmarva Power: Conserve Energy on Tuesday

    Monday, September 1 2014 9:22 PM EDT2014-09-02 01:22:31 GMT
    Delmarva Power is asking customers to conserve energy on Tuesday due to high forecasted temperatures.More
    Delmarva Power is asking customers to conserve energy on Tuesday due to high forecasted temperatures.More
  • Woman Suing Ocean City Over Wheelchair Accident

    Woman Suing Ocean City Over Wheelchair Accident

    Monday, September 1 2014 9:22 PM EDT2014-09-02 01:22:24 GMT
    A woman who says a defect in a wheelchair sidewalk ramp in Ocean city caused her to fall out of her wheelchair and break her arm is suing the resort town for negligence.More
    A woman who says a defect in a wheelchair sidewalk ramp in Ocean city caused her to fall out of her wheelchair and break her arm is suing the resort town for negligence.
    More
  • Tourism Season Extending, Chamber Says

    Tourism Season Extending, Chamber Says

    Monday, September 1 2014 6:42 PM EDT2014-09-01 22:42:36 GMT
    Labor Day is often considered the unofficial ending to the summer season, but the Rehoboth Beach, Dewey Beach Chamber of Commerce is reporting that tourism is actually on the rise during the typically less popular months of September, October and November.More
    Labor Day is often considered the unofficial ending to the summer season, but the Rehoboth Beach, Dewey Beach Chamber of Commerce is reporting that tourism is actually on the rise during the typically less popular months of September, October and November.
    More
Powered by WorldNow

All content © Copyright 2000 - 2014 Worldnow and WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service