Rhett
San Francisco,#2Consumer Comment
Wed, July 01, 2009
You might like this 2008 case regarding Omni and Illegal Loans A ruling by the California Appeal Court states that "out-of-state" lenders that fail to comply with California Lenders License. In Brack v. Omni Loan Co., Ltd. a Class Action lawsuit in California ruled: Any person who contracts for or negotiates in this state a loan to be made outside the state for the purpose of evading or avoiding the provisions of this division is subject to the provisions of this division. Section 22324, by expressly preventing parties from avoiding the strictures of the Finance Lenders Law by booking or otherwise making a loan out-of-state, strongly suggests the Finance Lenders Law may not be circumvented by a contractual choice-of-law provision". Check with an attorney to see if their loan is valid.