STATE OF MAINE SECURITIES DIVISION 121 STATE HOME FACILITY AUGUSTA, ME 04333
IN RE David Elliot L’Hoir, PayDay Today! U.S.A. Inc. and PayDay Today! U.S.A. Com, Inc.
NOTICE OF INTENT TO ISSUE CEASE AND DESIST PURCHASE 01-073
David Elliot LвЂ™Hoir (hereinafter known as „LвЂ™Hoir”) may be the creator and present President and Chief Executive Officer of PayDay Today! Today U.S.A. Inc. and PayDay! U.S.A. Com, Inc. (hereinafter collectively referred to as „PayDay”). PayDay is incorporated pursuant to your guidelines associated with State of Nevada. PayDay runs a string of economic facilities in Southern Ca and has now a loan that is national center in Fort Lauderdale, Florida. PayDay runs through an internet website target. and advertises it self as having stores that are retail-affiliated.
PayDay is when you look at the continuing business of providing deferred deposit loans to customers. These loans are little, quick unsecured loans that want payment within a fairly short duration of time period. In an online payday loan deal, the customer provides PayDay with an individual check and receives cash less the attention and charges charged by PayDay. The check will be held for a scheduled duration of the time, generally speaking before the consumerвЂ™s next payday, or a single or period that is two-week ergo the definition of „payday” loan. PayDay consumers are charged yearly charges that typical 360% associated with financial obligation principal.
Fleetingly thereafter, this Maine resident received within the mail a package of investment product associated with PayDay. In this material, LвЂ™Hoir represented he had been offering a „4% month-to-month return collateralized by receivable (client Checks)” in substitution for the very least investment in PayDay of $10,000. Read More