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| Topic | Statute | Remarks |
| Maximum Interest Rate | 404.505.3 | Unregulated, but subject to a cap of 75% of the original loan amount
for interest and fees. Example: $100 loan may earn no more than $75 in interest and fees for the life of the loan, including all its renewals. |
| Term | 408.505.2 | Minimum of 14 days Maximum of 31 Days |
| Renewals | 408.500.6 | Maximum of 6 renewals |
| Principal Reduction | 408.500.6 | Borrower Must reduce the principal by not less than 5% of the original loan, beginning with the first renewal and each renewal thereafter. |
| Completed Loan | 408.505.4 | A loan is considered completed, or paid, if: 1) The check is deposited for payment, or 2) The borrower redeems the check by paying the full amount of the check. Once a loan is completed, the borrower may get another loan from the same lender. |
| Returned Check Charges | 408.505.6 | $20, plus the amount the bank charges the lender for handling the check. |
Our summer newsletter was mailed the end of July. If you did not receive a copy and would like one please send us an e-mail or call us. We would be happy to add your company to our mailing list. Contact us.
Dan, Michael, Sandy and Vickie would like to thank all those who took time out of their busy schedules to stop by and visit our booths during the annual Mississippi and Louisiana conventions in August. We look forward to seeing you again next year.
The following news articles were updated on May 02, 2002
We have been working to make our web site more informative. We have added two new pages. The Newsletters page will feature past newsletter articles while the Conventions page lists convention dates and contact information.
Due to a conflict in dates, Dan and Vickie will attend the Louisiana Finance Association convention in Florida August 8, 9, 10 while Fred, Michael and Sandy will attend the Mississippi Check Cashers Convention in Biloxi August 9 -10. We will have a booth at each location displaying our latest software. Please stop and visit.
The following news articles were updated on April 12, 2002
We will be visiting our Nevada customer locations during the month of April. In May we will be traveling to South Dakota and Missouri. Michael, Sandy and Fred will be handling Louisiana and Mississippi.
The newsletter is currently being prepared for publication.
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IvyTek, Inc. Covering your software
needs. 800-596-9792 |