Dakota Lending d/b/a Myloansite.com
The Washington State Department of Financial Institutions (DFI) has received a complaint from a Washington State consumer against Dakota Lending d/b/a Myloansite.com (Dakota). The consumer reported that he received a loan from Dakota and was charged Automatic Clearing House payments on days which were not in accordance with the loan contract.
Dakota operates its website at [myloansite.com]. Dakota’s lists its contact information as:
PO Box 50
Fort Thompson, SD 57339
It appears that Dakota may be operating as an online tribal lender. Dakota claims to be a Native American owned business operating within the interior boundaries of the Crow Creek Sioux Reservation located in South Dakota.
Dakota is not licensed by the DFI and is not registered to conduct business in Washington State by the Department of Licensing, the Department of Revenue, or the Secretary of State.
DFI warns Washington State consumers that before doing business with a financial service provider the consumer should:
- Make sure that the entity is licensed. Consumers can use the “Verify a License” feature on DFI’s website at www.dfi.wa.gov to check whether a payday or consumer loan company is licensed to conduct business in the state of Washington.
- Not provide any personal information, such as social security number or bank account number or access if the company is not licensed or authorized to conduct business.
Important Information for Washington State Consumers
Washington State residents with loans exceeding $700 are informed that Washington State law provides in RCW 31.04.035 that fees or interest charged in the making of a nonresidential loan by an unlicensed lender must be refunded to the borrower.
Report Unlicensed Lending Activity or Fraud
Washington State residents only: If you suspect unlicensed activity by a payday lender or consumer loan company, please contact the Department at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov. Even if your activity involves a loan over the internet, a license may still be required.
If you live in another state, go to this webpage to find the regulator in your home state. http://mortgage.nationwidelicensingsystem.org/consumer/Pages/AgencyContacts.aspx