Payday loan - Loanshoponline.comviolation of California Deferred Deposit Laws

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Loanshoponline.com and its partners and affiliates violated California state laws in regards to my loans by the following actions:Loanshoponline.com is not licensed in the State of California to provide deferred deposit transactions, a violation of California Financial Code section 23005. Loanshoponline.com provided two loans to me - One for $400 and another for $100, a violation of California Financial Code sections 23036 and 23037. Loanshoponline.com charged 30% fees on the loans, maximum allowable in the State of California is 15%, a violation of California Financial Code section 23036.Loanshoponline.com loaned more than the allowable amount by the State of California. Maximum allowable is $300, first loan was $400, a violation of California Financial Code section 23035. Loanshoponline.com continuously rolled over the loans which is not allowed by the State of California – 1st loan rolled over 43 times at $120 per time, 2nd loan rolled over 40 times at $30 per time, a violation of California Financial Code sections 23035, 23036 and 23037. Loanshoponline.com did not provide the written disclosures required under California law, a violation of California Financial Code section 23035. On November 23, 2009 the State of California’s Department of Corporations filed an Amended Desist and Refrain Order against Loanshoponline.com and its partners and affiliates to desist and refrain from engaging in the business of deferred deposit transactions in the State of California due to the above actions and violations of California Financial Code Sections 23005, 23035, 23036 and 23037. The legal amount that could have been charged for my loans if they were licensed by the State of California would be the principal amounts and a one time fee of 15% of that principal amount. The total amount debited from my back account from the company is $6, 360.00.

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