Legal Question in Credit and Debt Law in California
in california can a payday loan company press criminal charges against you? also if the debt was made in 2004/2005 is the statue of limitations up already?
Asked on 9/24/09, 4:47 pm
1 Answer from Attorneys
Bryan Becker
Becker Attorneys
No, this is considered a civil breach of contract claim, not criminal. FYI: A.B. 207 introduced in 2005 prohibits the fee for some deferred deposit transactions from exceeding an effective annual rate greater than 10 percent; Requires a check from a customer for these deferred deposit transactions to be made payable to the actual name of the licensee; Prohibits a check that has been held by a licensee for more than 31 days from being presented to a bank for payment.
Answered on 9/25/09, 3:12 pm
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