|
The
purpose of Hot Payday's Cash Advance
Agreement is to make you, our
customer, fully aware and informed
of all terms and conditions of our
policies, as well as all Federal and
State regulations as required by
law.
C
& C Financial Services Inc. DBA
Hot Payday is registered with the
Utah Department of Financial
Institutions. Any submitted
transactions via the Internet are
deemed to have taken place in Utah
regardless of your physical
location. Nevertheless, if you do
not want to enter into a cash
advance subjected to the state laws
of Utah, then you should apply for a
cash advance at a provider
located in the state where you live.
Our deferred presentment agreement
is governed by the state laws of Utah, which
makes you, our customer abiding to
the state laws of Utah.
FEDERAL
DISCLOSURE REQUIREMENTS
Regulation B
The federal Equal Credit Opportunity Act (ECOA)
prohibits creditors from discriminating
against credit applicants on the basis of
race, color, religion, national origin, sex,
martial status, age (provided the applicant
has the capacity to enter into a binding
contract); because the applicant has in good
faith exercised any right under the Consumer
Credit Protection Act. The federal agency
that administers compliance with this law
concerning this creditor is the Federal
Trade Commission, Equal Credit Opportunity
Division, Washington, DC 20580 (Reg. B
202.9(b)). Hot Payday, will not discriminate
anyone based upon any of the above factors. In addition,
Hot Payday will not enter into or maintain
vendor/reciprocal information service type
relationships with anyone who does not
conform to these anti-discriminatory
practices.
Regulation Z in
Federal Law requires the full disclosure of
all costs and terms associated with any
credit purchases or transactions (such as
our cash advance program) and further requires that the
costs associated with the transaction be
expressed as an annual percentage rate of
interest or A.P.R.
For each
transaction, the creditor shall disclose the
following information as applicable:
Creditor. The identity of the
creditor making the disclosures.
Amount financed. The amount financed,
using that term, and a brief description
such as the amount of credit provided to you
or on your behalf.
Itemization of amount financed. (1) A
separate written itemization of the amount
financed, including:
(i) The amount of any proceeds distributed
directly to the consumer.
(ii) The amount credited to the consumer's
account with the creditor.
(iii) Any amounts paid to other persons by
the creditor on the consumer's behalf. The
creditor shall identify those persons.
(iv) The prepaid finance charge.
*The creditor need not comply with this
section if the creditor provides a statement
that the consumer has the right to receive a
written itemization of the amount financed,
together with a space for the consumer to
indicate whether it is desired, and the
consumer does not request it.
Finance charge. The finance charge,
using that term, and a brief description
such as “the dollar amount the credit will
cost you.”
Annual percentage rate. The annual
percentage rate, using that term, and a
brief description such as “the cost of your
credit as a yearly rate.”
Payment schedule. The number,
amounts, and timing of payments scheduled to
repay the obligation.
Total of payments. The total of
payments, using that term, and a descriptive
explanation such as “the amount you will
have paid when you have made all scheduled
payments.”
Prepayment. (1) When an obligation
includes a finance charge computed from time
to time by application of a rate to the
unpaid principal balance, a statement
indicating whether or not a penalty may be
imposed if the obligation is prepaid in
full.
|
