Legal Question in Credit and Debt Law in Maryland

I took out a payday loan. Afterwards I discovered that they are ILLEGAL in the state of MD. The lender is not located in MD. They said it was legal since they are not in MD. I also read that I can demand payment arrangements for this loan, and that I do NOT have to pay interest on the loan since I live in MD. The lender said otherwise, and they do not offer payment arrangements...do I have any recourse? Thanks for your help Bill


Asked on 9/20/10, 10:14 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Unfortunately, payday lenders operating outside of MD can make loans to MD residents, and it may be difficult or impossible to enforce MD law as to them.

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Answered on 9/25/10, 12:36 pm


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