S-License (FAQs)

I used Federal Stafford Loans to pay for my undergraduate and graduate degrees. This is completely different wording on your part. I am an industrious, bright, motivated, and creative professional who is well educated They also post warnings on their website attesting to the fact that they have disallowed x million dollars of refunds, plus interest. Kate Dore is a writer at MagnifyMoney.

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Chapter SMALL LOANS. Small loan definitions. As used in sections to of the Revised Code: "Person" includes individuals, partnerships, associations, trusts, corporations, and all other legal entities. ( ILCS /1) (from Ch. 17, par. ) Sec. 1. License required to engage in business. No person, partnership, association, limited liability company, or corporation shall engage in the business of making loans of money in a principal amount not exceeding $40,, and charge, contract for, or receive on any such loan a greater rate of interest, discount, or consideration therefor than the. Same thing here said that I made a loan back in 9/ and they need to collect today or they would garnish my wages. Checked my bank statement from the whole year of and no deposit for the amount they are claiming so I'm confused.

What changes are happening

Consolidated laws

I worked for a fundraising company a few years back. They raised money for questionable and not so questionable groups. Charitable giving should be about doing something you believe in, not a minor tax deduction. They DO exist — do your homework! I wish that you would get your facts straight before you bash this particular tax shelter.

In the above example it was not a donation of 10k, that was just the prepaid interest on the full donation amount of 40K. It is no different than donating on a credit card. You are referring to the COIP program, which helps donors use credit to make a donation. I personally feel that the COIP program is perhaps the strongest donation tax shelter program in the country, based on a few very important criteria:.

That is unacceptable answer. I will donate this year and hope for the best. I truly can not find anything wrong with this program. Did anyone receive the same?

This, along with the attached warning. You just need to deal with it. I contributed to COIP in onward. I completed the same questionnaire afterwards. Third, to my knowledge, only one tax shelter has ever been convicted in court.

The buy art low, donate high one. Even with the truly egregious tax shelters, CRA usually comes to some agreement to reduce the benefit at worst.

Steve above pointed out some of the reasons why this is the case. There are more, so check them out for yourselves. They like going after easy targets like individuals rather than the really rich and corporations who have the legal muscle to fight them. They knew the CRA would audit the program.

But they also know that the program is on solid footing and thus eminently defendable. I think that CRA knows this too. Finally, the government could have made this program truly illegal easily by changing a few things in the law. My only advice is to not depend upon the words of agenda-laden reporters or knee-jerk reactionaries.

Take a close look at the details and decide for yourselves. This court decision is what the COIP program was based on: The results of that case prove why the COIP program works. Thanks Richard and Steve…there is a lot of misdirection and falsehood out there. Its nice to have some clarity! Can anyone tell me how long does CRA have before they can audit me.

However, if an error or omission was made out of neglect, carelessness or wilful default, the CRA can go back as far as it wishes. If I did the program in , they have until to autid and go back as far as they want. What happened if we get audited by CRA now? I have been audited for and taxation years. We have been ripped off, no doubt about it. Again, Anne, I hope I have answered a part of your question. Despite what you may hear from GLGI or Mission Life or whomever, were are on the hook for the taxes we attempted to dodge through the charitable donations.

Wait and see when all of this goes to Tax Court. A few crooks at the top got wealthy. When I donate to a charity, my aim is to help the less fortunate, not make a profit on the donation. I guess Steve is hiding with all our money…. I guess you and I will find out the outcome when we get audited. They have up to 3 years to reasses you. They will take care of it for you. If at the end of the court case.. No penalties and no fees.

I figure if this is the worst case scenario.. Can someone please verify with their COIP representative if this is true? I still find it odd that they will come after the money I advance instead of the tax receipt I received…… any thoughts? I called COIP head office and they told me the following that could happen: Your second comment is true, not the first one. Worst case, you pay back your refund, all the interest plus penalty. At the end of the day a decision will have to be made and at that point interest and penalties will be waived even if we have to reimbuse all..

I somehow doubt this is the case. CRA probably employs an army of lawyers and profitable donation schemes are juicy targets. CRA would likely be after for interest and penalty. Anna, did you get reassessed? I donate in and How can they now tell me otherwise? I called the CRA plenty of times asking the same question and I never got a negative feedback. Would you mind emailing me the person you used to joshi04 hotmail. They said that they will audit everyone that donates to tax Shelters regardless the shelter that they are in.

COIP does not issue inflated receipts. There are 2 other tax shelters that are in discussions with CRA and I am sure that both parties will come to some arrangement. The law is vague and there are loop holes. I personally think that COIP is a strong organization hence my donation. You should not be afraid of the CRA. We also have rights! I have just heard about the tax shelter called Missionlife.

I have been in the process of researching it. Both myself and my son are interested the donation component, but I am scepitical about the tax shelter scheme. So please provide more information, as I keep researching. Personally, I feel that charitable donations are just that — money donated for charity, not money to make a profit on. There are so many ways to make money — making profits on charitable donations is not worth the hassle IMO. I can totally understand why CRA takes a dim view of donation tax shelters.

It pertains to donation programs,. The first part is absolutely correct — you cannot get a receipt for more than the amount of your donation.

It is your legal right to dispute their decision and they can not charge you interest while this dispute process takes place. The letter stated that unless I could provide more backup to support my claim within 60 days, CRA would deny my donation claim.

I wonder if anyone have similar experience. Thanks for your time. When you guys say you were audited, what do you mean?

The full audit of someone reviewing your entire financial history and business personally, or just the letter asking for info on the tax shelter you participated in? The CRA will select a few cases. Based upon the result of the cases the ruling will apply to all. This can take between 5 to 10 years. Thanks for your information. Hope I never will.

I still plan to do the donation again on COIP. Seems like this is more reliable organization. He will fax you four pages of questions and answers re: This will answer all your questions. Thanks for the information. Hello Anna, I have received Questionnaire for as well.

I got the questionnaire for in February of this year, filled it out and send back to CRA. Yes, the reply was, I quote: The only thing we can not send you is a copy of the cancelled cheques. I suggest you phone your bank and have them send those to you we only have copies of the front of the cheque before it was deposited. Please contact our office if you have any questions. I feel the same. I donated and Well, I am much more riskier then you guys.

But before I invested I found out exactly how the process goes. This is what is going to happen next: COIP will send you the pre-filled questioner. The only blank space will be to put your own personal information in it.

Also they will send a manual explaining what is what. Next year you will receive the letter from CRA saying that you donation claim was denied, you have to pay penalty or something in that manner, a lot of bull crap basically.

Probably you will freak out after that. You will contact COIP and they will tell you what to do. You will file an objection, at which case the fun will only begin. After you lose at appeals you can go to tax court. I am prepared to be risky. I hope they will back off. Sounds like you are not very much into this kind of tax shelter program. I read a lot from the websites about how people feel about this tax shelter programs and there are many pros and cons and just confulse the hell out of me.

However, if I go to the CRA site and read about the tax shelter program, the only thing they say is to make sure that the charity is legitimate and that they have the tax shelter nunbers. They warn the people to be careful in terms of choosing the charity group. Your opinion is appreciated. Well tax shelter numbers really does not really mean anything.

They are just numbers for classification. Do you have anyone that you know that have lost the objection and had the donation denied? They also said that they were audited a few times a year.

So if the tax man at CRA tells me this why would they then audit me? And if this was illegal why issue tax shelter numbers? Tax shelter numbers are for indification purposes.

Does anyone uses it? No, it is just easier to track by the number. I am not really questioning the tax number, what blows me away is that when i call, they never really say anything other that they have no warning and that they have been audited. So why come after me? If its truly illegal why issue the numbers and why not stop it all together like other countries? COIP seems to be a little different than some of the others.

Am I right to assume that you people still owe the donation amount, only it is denominated in some sort of medical units? When do they go after you for the amount? I agree with Anna. If we all make this type of tax shelter donation, they would have lost a lot of revenue. Obviously they cannot stop this tax shelter program because technically speaking it is still legal at this time.

If COIP does their part properly, we should be ok. Do you have more information on the donation on securities? I heard something about it before from Bank of Montreal.

If so, did they say anything that they were able to provide whatever the information CRA requested? This part is important. ICAN got suspended in because the allocation of donation was not clear in the accounting; hence CRA suspended them indefinitely. I believe you are saying that leveraged cash donations are kosher but CRA says otherwise. The donation amount will be reduced accordingly.

I reiterate my original comment. Why would anyone want to risk participating in these donation schemes and worry about a CRA audit? After all, we do that for this main reason simply because the government charge us too high of the taxes……. If you are looking at strictly saving tax, you can make RRSP contributions.

You can borrow to invest. You can invest in flow-through limited partnerships. Note that apart from RRSP contributions the others are not without investment risk. But all of them are without any tax risk — there is little chance that CRA will challenge these breaks. Nobody likes to pay taxes but sometimes you have to bite the bullet and cut CRA a cheque. The alternatives may be worse…. All this to say is that I expect to repay some back in about yrs. BUT we should not settle and wait till the end..

What other programs are out there that can help save taxes?? The donation is almost like COIP with the loan to borrow and loan proceed to make donation. I think this is routine for them. I am calling COIP this afternoon.

Have any of you received this? Why would all of a sudden that COIP is not being considered as an eligible tax shelter when CRA stated before that they are one of the better ones around? When did you receive this 11 page letter? I received it last friday, COIP is putting together a package so all donors can respond.

Apparently this is a standard procedure with the CRA.. Lets the games begin…. What baffles me is that there is no warning against COIP yet they still send me a letter telling me that all donations have been denied..

They are denied every year automatically by the CRA. Then COIP is fighting back and so far won all of them. I also heard that even though some people got denied and they returned the money to CRA, the doners would get a form from CRA stating that if they wanted the money back, they were required to fill in that form and the money would be returned to the donors while the dispute was still on going. This is what my COIP representative told me. I just made some donation today for the taxation year.

The amount is smaller than last year, but I still have a bit on the side and see if other opportunities available other than tax shelter. CRA suspended ICAN in for their inability to provide proper accounting numbers to support the donation amount for the year I am trying to get that letter from my representative about this. I think the set up is instead of paying the whole loan proceed, we are to pay interest initial amount to lender and the proceed to be paid by way of purchasing drugs by wholesale price, which is significantly lower than the retail value.

Do you have a different interpretation of COIP program? Your comments is appreciated. I donated money in to COIP but I did not claim them when i did my taxes but they still sent me the questionaire to fill out. Do I still need to send in the questionaire eventhough I did not claim it on my tax return. What was the amount of the tax receipt? And how much is the CRA asking in penalties and interest?

CRA did not ask for penalites or interest at all at this time. Was it a big amount of tax receipt you got? I would not call them BUT send them a letter stating that you have no such clam on your income tax. This goes to show how unorganized they are…pretty scary.. Unoragnized is even understatement.

Sorry for the delayed response. If you read the details on the link you suggested: There actually IS a small cash donation i. The CRA should rather people participate in these programs v. How the person finances their purchase that they donated has nothing to do with the amount of the receipt. It is your opinion that the donation programs mentioned are NOT leveraged schemes. Credit card debt is not limited recourse — the only way to get out of it is to repay the loan with all interest due.

Your coments is very interesting. COIP also sent me the answers for review. However, there are few questions that printed in green have to be answered by ourselves. They did not provide the answers. These aret the questions related to the loan program 1st loan and 2nd loan. Do you have any suggestions as to how to answer these questions? Your help woudl be greatly apprreciated.

Please see above my comments to Steve. Anyone else who can help me would be greatly appreciated. Thank you very much. It is a fact. They are not done anymore. This is completely different wording on your part. The CRA warns against leveraged cash programs. They do not warn against leveraged scheme programs your terminology. They warn against 3 types of structures:. No warning of your term of leveraged schemes. Any program where you borrow to donate is a leveraged scheme.

If you borrow to put into your RRSP you are participating in a leveraged scheme. In order to discuss these very important legal tax issues on this forum, I think it is important to use correct terminology so as to convey the proper laws to the readers. We have to listen to the CRA here as they are the ones who do the proper warnings and they do not warn against borrowing to donate.

If there is a problem with a tax avoidence program which is perfectly legal to do, btw and they say where they feel the problems lie, then they give people the roadmap to fix it. Now, if you are comfortable with the proof above that leveraged cash programs are no longer offered, we can move to the new programs, where I think I see where you were trying to make the connection.

If I understand you correctly, then you are saying IF the programs in discussion were to have people repay the loan with all interest due, then you would concede that it is okay — just like using a credit card is okay. Please find someone to show you how these new programs work so you can see the interest paid, the debt repayment in full, etc. They are NOT even tax shelters — they are tax deferrals. I guarantee that you will at least have a complete understanding of everything.

Thanks for clarifying that you are not a principle in any tax shelter. But the intent of my original question was: There are two parts: Borrowing from a credit card or line of credit satisfies 2 because failure to repay has dire consequences. The credit card company does not care about 1. You contend that these new schemes satisfy 2.

You are saying that participants in these new types of charity schemes have a big debt to coming due in the future. Does this loan show up on their credit report? How do these programs make sure that they collect the loan?

How are these loans made in the first place? Do they run a credit check and charge different interest rates for different risk profiles? Are they secured against property of some kind? You can argue till you are blue in the face that all these schemes are perfectly legal. CRA might take a different view. My bottom line is the same: Now you are talking about 2 new elements.

Each area is a different one to address. Charities in the newer programs receive goods from the donors, not cash. Physical, touch them, heavy to carry, gifts-in-kind items. Yes, you can do that. According to the law, a credit check does not have to take place — only the 4 things above. I agree that is a personal decision for each person. Tax shelters which are based in law should only be participated in by people who feel the law is what matters in Canada over and above the CRA.

What evidence have you received from a court that ANY of these programs do not work according to the law? I have received none. Please give me a court precedent, a policy in the income tax act or a provision in the income tax act that says so. Nobody in Canada has been able to, so what makes you think it will happen? Certainly the CRA has not proven this in a court of law. You will be saving us valuable reading time on these forums. People in these programs earn money from the companies who sell the pills — the only for-profit entities in the mix.

Think of it like the salesperson working at Futureshop where somebody buys a TV to donate to the Salvation Army. The person who sold the TV got paid their commission for the sale.

Again, fundraising fees to the promotors of tax shelters is an antiquated system that has been abolished with the new programs. What are you afraid of? You should fill out the questionnaire and return it to CRA. You did not claim the donation credit for that year and carried it forward. What can CRA do to you, other than deny you the donation credit.

Please share the outcome of the Barter World settlement. How many ways can you skin a cat? I think Steve has done a great job of explaining how the program works. The questions in green tend to relate to how you filed your taxes. As such the person who prepared your tax return would be the best person to help you answer those questions. Remember we are governed by the rule of law.

It is not the person who understands the law the best that will win, it is the one who best prepares their case. Personally, there are so many ways to make money. I personally agree with their view that charity schemes are an abuse of the tax system. I would appreciate it if you could provide me some ideas of how to answer these questions in green. I would assume that you know these questions too if you participated the COIP program.

My email you can contact me is wwchu hotmail. Your help would be very much appreciated. Thank you again in advance Alnaexan. CRA can and will go after this. Also, the deceptive COIP information site tells you to take out a loan for the amount, and seemingly refinance it perpetually. What screams bs to me is that they want you to finance the loan through them, it seems. That is not how the COIP program works.

COIP has never pretended to be a charity. They sell medicine to people who donate it to charity. The charities are completely different entities. My point is that there are NOT many ways to save taxes in Canada, that tax avoidence is perfectly legal by law and you know it.

To each his own. You two have failed to read or chosen to ignore my accurate information and keep reiterating stuff that is not at all true. I suppose you feel that our government is powerless to do anything. You will be doing yourself a favour. If you do pay it off, it is hard to see how you have gained anything from the whole exercise. There was no issue of whether it was a leveraged cash scheme or a leveraged something else scheme. For anyone who wants to take the time to read the actual decision, I googled marechaux v.

The court has said to make your charitable contributions for charitable purposes rather than to get a benefit for yourself. Banking on long delays, possible future settlements at 30cents on the dollar, waivers of interest and penalties is foolish. Playing games with the tax system is probably going to leave you with a bad feeling in your stomach and quite a few dollars poorer.

Thank you for the Marechaux v. It is a fascinating verdict that did not even test the GAAR rule. So, it could take up to 8 long years for these things to be decided and participants in donation schemes have to wonder about the penalties, interest and court costs. I attended a Missionlife presentation a couple of months ago to confront them about this tax scheme they were promoting. But boy they were smooth — they probably learned their presentation skills selling Sham-wow. The disbursement quotas of these charities speak for themselves.

Exact same program as Mission Life, by the way. Registered as a charity in , no revenue, no directors listed. No glitzy pictures of philanthropic executives. No faces, or names. And it was achieved almost entirely through the efforts of a company that had to register itself as a Tax Shelter with the CRA. This may all end up being legal due to loopholes in tax laws. Its a complex scheme with registered charities, travelling salesman and off-shore investment companies.

But lets be honest about this people, legal or not, your buying bogus receipts to save on your taxes. There is no charity, just profit. After your entry fees have been divied up to cover airfare, venues, dinners, salaries, loan fees, commisions etc. Consider that you might be buying your receipt from a pimp. COIP is not a charity. It is a company formed to act as a fundraiser for charities.

They are the travelling saleman. You got no recourse against them as they have told you from the begining that this may not be accepted. I would take them to an independant lawyer. Well it looks like they are trying to disappear too. Its now Mission Life Financial. The names have all changed, but the deal looks pretty much the same. A Glossy brochure of smiling kids in Africa. Skeptical, with all due respect.

They are still registered in perfect standing and have amazing disbursement quotas too. If they did, the charity would be shut down, not featured in Money Sense. Cancelled check backs it up easily. Victory for the CRA on this one. It really is the ONLY thing that matters. The CRA will not tell you who they are investigating until they are revoked.

This is all completely legal. COIP told you from the beginning that your claim may be rejected. They showed your the CRA warning. They told you to have it reviewed by a lawyer or accountant. They said you might have to pay the money back.

Notice; approval by Commissioner; penalty for failure to provide required notice. Conditions; notice; hearing; terms of suspension. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS A.

Added to NRS by , ; A , The term does not include any machine or other device used directly by a customer to access the Internet unless the machine or other device is made available to the customer by the person making the loan or any agent, affiliate or subsidiary of the person. Added to NRS by , The term does not include an extension of a loan that complies with the provisions of NRS A. The term includes, without limitation, any single-payment loan, installment loan, open-ended loan or contract for the lease of an animal for a purpose other than a business, commercial or agricultural purpose which, under the original terms of the loan or contract, charges an annual percentage rate of more than 40 percent.

The term does not include a loan which creates a purchase-money security interest in a vehicle or the refinancing of any such loan. As used in this chapter, unless the context otherwise requires, the following terms have the meanings ascribed to them in the Truth in Lending Act and Regulation Z:. For the purposes of this chapter, proper calculation of the amount financed, annual percentage rate and finance charge for a loan must be made in accordance with the Truth in Lending Act and Regulation Z.

The provisions of this chapter apply to any person who seeks to evade its application by any device, subterfuge or pretense, including, without limitation:. Using any agents, affiliates or subsidiaries in an attempt to avoid the application of the provisions of this chapter; or.

Having any affiliation or other business arrangement with an entity that is exempt from the provisions of this chapter pursuant to subsection 1 of NRS A. The provisions of this chapter do not prohibit a licensee from offering a customer a grace period on the repayment of a loan or an extension of a loan, except that the licensee shall not grant a grace period for the purpose of artificially increasing the amount which a customer would otherwise qualify to borrow.

Except in compliance with the provisions of NRS A. The provisions of this chapter must be interpreted so as to effectuate their general purpose to provide for, to the extent practicable, uniform regulation of the loans and transactions that are subject to the provisions of this chapter.

If there is a conflict between the provisions of this chapter and the provisions of any other general law regulating loans and similar transactions, the provisions of this chapter control. This chapter or any part thereof may be modified, amended or repealed by the Legislature so as to effect a cancellation or alteration of any license or right of a licensee under this chapter, provided that such cancellation or alteration shall not impair or affect the obligation of any preexisting lawful loan agreement between any licensee and any customer.

Any loan lawfully made outside this State as permitted by the laws of the state in which the loan was made may be collected or otherwise enforced in this State in accordance with its terms. Except as otherwise provided in NRS A. A person who is primarily engaged in the retail sale of goods or services who:.

A person while performing any act authorized by a license issued pursuant to chapter of NRS. A person who holds a nonrestricted gaming license issued pursuant to chapter of NRS while performing any act in the course of that licensed operation.

A person who is exclusively engaged in a check-cashing service relating to out-of-state checks. A corporation organized pursuant to the laws of this State that has been continuously and exclusively engaged in a check-cashing service in this State since July 1, A pawnbroker, unless the pawnbroker operates a check-cashing service, deferred deposit loan service, high-interest loan service or title loan service.

A real estate investment trust, as defined in 26 U. An employee benefit plan, as defined in 29 U. An attorney at law rendering services in the performance of his or her duties as an attorney at law if the loan is secured by real property.

A real estate broker rendering services in the performance of his or her duties as a real estate broker if the loan is secured by real property. A person who provides money for investment in loans secured by a lien on real property, on his or her own account. A seller of real property who offers credit secured by a mortgage of the property sold.

A person who makes a refund anticipation loan, unless the person operates a check-cashing service, deferred deposit loan service, high-interest loan service or title loan service. A person who exclusively extends credit to any person who is not a resident of this State for any business, commercial or agricultural purpose that is located outside of this State. Added to NRS by , ; A , ; , ; , Added to NRS by , ; A , ; , ; , , , effective January 1, All provisions of this chapter governing enforcement or collection of an obligation originated under this chapter apply to:.

Any person seeking to enforce or collect the obligation on behalf of a licensee. The Commissioner may establish by regulation the fees that a licensee who provides check-cashing services may impose for cashing checks. The Commissioner shall adopt any other regulations as are necessary to carry out the provisions of this chapter. Except as otherwise provided in subsection 3, an officer or employee of the Division of Financial Institutions of the Department of Business and Industry shall not:.

An employee of the Division of Financial Institutions in the unclassified service of the State shall not obtain new extensions of credit from a licensee while in office. Any officer or employee of the Division of Financial Institutions may be indebted to a licensee on the same terms as are available to the public generally. If an officer or employee of the Division of Financial Institutions has a service, a preferred consideration, an interest or a relationship prohibited by this section at the time of his or her appointment or employment, or obtains it during his or her employment, he or she shall terminate it within days after the date of his or her appointment or employment or the discovery of the prohibited act.

If the Commissioner receives information from a registered agent pursuant to NRS A person, including, without limitation, a person licensed pursuant to chapter of NRS, shall not operate a check-cashing service, deferred deposit loan service, high-interest loan service or title loan service unless the person is licensed with the Commissioner pursuant to the provisions of this chapter.

A person must have a license regardless of the location or method that the person uses to operate such a service, including, without limitation, at a kiosk, through the Internet, through any telephone, facsimile machine or other telecommunication device or through any other machine, network, system, device or means, except that the person shall not operate such a service through any automated loan machine in violation of the provisions of subsection 3. A person shall not operate a deferred deposit loan service or high-interest loan service through any automated loan machine, and the Commissioner shall not issue a license that authorizes the licensee to conduct business through any automated loan machine.

Any person, and any member, officer, director, agent or employee thereof, who violates or participates in the violation of any provision of this section is guilty of a misdemeanor. A licensee shall post in a conspicuous place in every location at which the licensee conducts business under his or her license:.

If a licensee offers loans to customers at a kiosk, through the Internet, through any telephone, facsimile machine or other telecommunication device or through any other machine, network, system, device or means, except for an automated loan machine prohibited by NRS A. A licensee who provides check-cashing services shall give written notice to each customer of the fees he or she charges for cashing checks. The customer must sign the notice before the licensee provides the check-cashing service.

Added to NRS by , ; A , ; , Notwithstanding any other provision of law, a violation of any provision of section of the John Warner National Defense Authorization Act for Fiscal Year , Public Law , or any regulation adopted pursuant thereto shall be deemed to be a violation of this chapter.

Except as otherwise provided in this chapter, the original term of a deferred deposit loan must not exceed 35 days. Notwithstanding the provisions of NRS A. A licensee who operates a deferred deposit loan service shall not make a deferred deposit loan pursuant to this chapter unless the licensee determines pursuant to subsection 2 that the customer has the ability to repay the deferred deposit loan and that the deferred deposit loan complies with the provisions of NRS A.

For the purposes of subsection 1, a customer has the ability to repay a deferred deposit loan if the customer has a reasonable ability to repay the deferred deposit loan, as determined by the licensee after considering, to the extent available, the following underwriting factors:. For the purposes of subsection 1, a licensee who operates a deferred deposit loan service shall not consider the ability of any person other than the customer to repay the deferred deposit loan.

Before making a deferred deposit loan to a customer, a licensee who operates a deferred deposit loan service shall provide to the customer a written loan agreement which may be kept by the customer and which must be written in:.

The loan agreement for a deferred deposit loan must include, without limitation, the following information:. If a customer defaults on a deferred deposit loan, the licensee who operates a deferred deposit loan service may collect the debt owed to the licensee only in a professional, fair and lawful manner. When collecting such a debt, the licensee must act in accordance with and must not violate sections to , inclusive, of the federal Fair Debt Collection Practices Act, as amended, 15 U.

If a licensee who operates a deferred deposit loan service commences a civil action against a customer to collect a debt, the court may award:. Notwithstanding any provision of NRS A licensee who operates a deferred deposit loan service shall not, directly or indirectly, require, intimidate, threaten or coerce a customer to sign such an affidavit.

Notwithstanding any other provision of law:. If a customer who receives or attempts to receive deferred deposit loan services is a member of the military, a licensee who operates a deferred deposit loan service shall:.

If a customer who receives or attempts to receive deferred deposit loan services is a member of the military, a licensee who operates a deferred deposit loan service shall not:.

A licensee who operates a deferred deposit loan service shall not make a deferred deposit loan that exceeds 25 percent of the expected gross monthly income of the customer when the loan is made. A licensee who operates a deferred deposit loan service shall not make more than one deferred deposit loan, single-advance, single-payment loan or high-interest loan to the same customer at one time or before any outstanding balance is paid in full on an existing loan made by that licensee to the customer unless:.

A licensee who operates a deferred deposit loan service shall not:. Take any note or promise to pay which does not disclose the date and amount of the deferred deposit loan, amount financed, annual percentage rate, finance charge, total of payments, payment schedule and a description and the amount of every fee charged, regardless of the name given to the fee and regardless of whether the fee is required to be included in the finance charge under the Truth in Lending Act and Regulation Z.

Take any instrument, including a check or written authorization for an electronic transfer of money, in which blanks are left to be filled in after the deferred deposit loan is made. Make any transaction contingent on the purchase of insurance or any other goods or services or sell any insurance to the customer with the deferred deposit loan.

Fail to comply with a payment plan which is negotiated and agreed to by the licensee and customer. Charge any fee to cash a check representing the proceeds of a deferred deposit loan made by the licensee or any agent, affiliate or subsidiary of the licensee.

Use or threaten to use the criminal process in this State or any other state, or any civil process not available to creditors generally, to collect on a deferred deposit loan made to a customer. Commence a civil action or any process of alternative dispute resolution before the customer defaults under the original term of a loan agreement or before the customer defaults under any repayment plan or extension negotiated and agreed to by the licensee and customer, unless otherwise authorized pursuant to this chapter.

Take any confession of judgment or any power of attorney running to the licensee or to any third person to confess judgment or to appear for the customer in a judicial proceeding. The provisions of this paragraph do not apply to the extent preempted by federal law.

Engage in any deceptive trade practice, as defined in chapter of NRS, including, without limitation, making a false representation. Advertise or permit to be advertised in any manner any false, misleading or deceptive statement or representation with regard to the rates, terms or conditions for deferred deposit loans.

Use or attempt to use any agent, affiliate or subsidiary to avoid the requirements or prohibitions of this chapter. A customer may rescind a deferred deposit loan on or before the close of business on the next day of business at the location where the deferred deposit loan was initiated. To rescind the deferred deposit loan, the customer must deliver to the licensee:. Upon receipt of the original check, the licensee shall refund any fee charged to the customer to initiate the deferred deposit loan.

If a customer rescinds a deferred deposit loan pursuant to this section, the licensee:. If a customer pays the deferred deposit loan in full, including all interest, charges and fees negotiated and agreed to by the licensee and customer as permitted under this chapter, the licensee shall:.

A customer may make a partial payment on a deferred deposit loan, or any extension thereof, at any time without an additional charge or fee. If a customer makes such a partial payment, the licensee shall give to the customer a receipt with the following information:. A licensee who operates a deferred deposit loan service shall allow a customer with an outstanding deferred deposit loan to enter into an extended payment plan if the customer:.

An extended payment plan entered into pursuant to subsection 1 must:. An extended payment plan entered into pursuant to subsection 1 must not:. If a customer defaults under an extended payment plan entered into pursuant to this section, the licensee may terminate the extended payment plan and accelerate the requirement to pay the amount owed. Before a licensee who operates a deferred deposit loan service attempts to collect the outstanding balance on a deferred deposit loan in default by commencing any civil action or process of alternative dispute resolution, the licensee shall offer the customer an opportunity to enter into a repayment plan.

If a licensee who operates a deferred deposit loan service intends to commence any civil action or process of alternative dispute resolution in an effort to collect a defaulted deferred deposit loan, the licensee shall deliver to the customer, not later than 15 days after the date of default, or not later than 5 days after a check is not paid upon presentment or an electronic transfer of money fails, whichever is later, written notice of the opportunity to enter into a repayment plan.

The written notice must:. Under the terms of any repayment plan pursuant to this section:. If the licensee and customer enter into a repayment plan pursuant to this section, the licensee shall honor the terms of the repayment plan, and the licensee shall not:. Such an amount includes, without limitation:. If the licensee and customer enter into a repayment plan pursuant to this section, the licensee shall:.

The written agreement must:. Each time a customer who enters into a repayment plan pursuant to this section makes a payment pursuant to the repayment plan, the licensee shall give to the customer a receipt with the following information:. If a customer who enters into a repayment plan pursuant to this section defaults on the repayment plan, the licensee may, to collect the outstanding balance, commence any civil action or process of alternative dispute resolution as otherwise authorized pursuant to this chapter.

Except as otherwise provided in subsection 2, if a customer agrees in writing to establish or extend the period for the repayment, renewal, refinancing or consolidation of an outstanding deferred deposit loan by using the proceeds of a new deferred deposit loan or high-interest loan to pay the balance of the outstanding deferred deposit loan, the licensee shall not establish or extend the period beyond 60 days after the expiration of the initial loan period.

The licensee shall not add any unpaid interest or other charges accrued during the original term of the outstanding deferred deposit loan or any extension of the outstanding deferred deposit loan to the principal amount of the new deferred deposit loan or high-interest loan.

This section does not apply to a new deferred deposit loan or high-interest loan if the licensee:. If a customer defaults on a deferred deposit loan or on any extension or repayment plan relating to the deferred deposit loan, whichever is later, the licensee may collect only the following amounts from the customer, less all payments made before and after default:.

If there is an extension, in writing and signed by the customer, relating to the deferred deposit loan, the licensee may charge and collect interest pursuant to this paragraph for a period not to exceed 60 days after the expiration of the initial loan period, unless otherwise allowed by NRS A.

The licensee may charge and collect interest pursuant to this paragraph for a period not to exceed 90 days. After that period, the licensee shall not charge or collect any interest on the deferred deposit loan.

Except for the interest and fees permitted pursuant to subsection 1 and any other charges expressly permitted pursuant to NRS A. Such prohibited amounts include, without limitation:. A customer who receives or attempts to receive a deferred deposit loan is not liable for damages pursuant to NRS In addition to any other provision in this chapter, each time a customer who receives a deferred deposit loan makes a payment to a licensee who operates a deferred deposit loan service, the licensee shall give to the customer a receipt with the following information:.

The identification number assigned to the loan agreement or other information that identifies the deferred deposit loan;. The balance due on the deferred deposit loan or, when the customer makes a final payment, a statement that the deferred deposit loan is paid in full; and.

If more than one loan made by the licensee to the customer was outstanding at the time the payment was made, a statement indicating to which loan the payment was applied. A person shall not act as an agent for or assist a licensee who operates a deferred deposit loan service in the making of a deferred deposit loan unless the licensee complies with all applicable federal and state laws, regulations and guidelines. The provisions of this section do not apply to the agent or assistant to a state or federally chartered bank, thrift company, savings and loan association, savings bank or industrial loan company if the state or federally chartered bank, thrift company, savings and loan association, savings bank or industrial loan company:.

If a licensee who operates a deferred deposit loan service acts as an agent for or assists a state or federally chartered bank, thrift company, savings and loan association, savings bank or industrial loan company in the making of a deferred deposit loan and the licensee can show that the standards set forth in subsection 2 are satisfied, the licensee must comply with all other provisions in this chapter to the extent they are not preempted by other state or federal law.

Except as otherwise provided in this section, for the purposes of determining whether a loan is a high-interest loan, when determining whether a lender is charging an annual percentage rate of more than 40 percent, calculations must be made in accordance with the Truth in Lending Act and Regulation Z, except that every charge or fee, regardless of the name given to the charge or fee, payable directly or indirectly by the customer and imposed directly or indirectly by the lender must be included in calculating the annual percentage rate, including, without limitation:.

The following charges and fees must be excluded from the calculation of the annual percentage rate pursuant to subsection Calculation of the annual percentage rate in the manner specified in this section is limited only to the determination of whether a loan is a high-interest loan and must not be used in compliance with the disclosure requirements of paragraph g of subsection 2 of NRS A.

Except as otherwise provided in this chapter, the original term of a high-interest loan must not exceed 35 days. The original term of a high-interest loan may be up to 90 days if:. A licensee who operates a high-interest loan service shall not make a high-interest loan pursuant to this chapter unless the licensee determines pursuant to subsection 2 that the customer has the ability to repay the high-interest loan and that the high-interest loan complies with the provisions of NRS A.

For the purposes of subsection 1, a customer has the ability to repay a high-interest loan if the customer has a reasonable ability to repay the high-interest loan, as determined by the licensee after considering, to the extent available, the following underwriting factors:.

For the purposes of subsection 1, a licensee who operates a high-interest loan service shall not consider the ability of any person other than the customer to repay the high-interest loan. Before making a high-interest loan to a customer, a licensee who operates a high-interest loan service shall provide to the customer a written loan agreement which may be kept by the customer and which must be written in:.

The loan agreement for the high-interest loan must include, without limitation, the following information:. If a customer defaults on a high-interest loan, the licensee who operates a high-interest loan service may collect the debt owed to the licensee only in a professional, fair and lawful manner.

If a licensee who operates a high-interest loan service commences a civil action against a customer to collect a debt, the court may award:. A licensee who operates a high-interest loan service shall not, directly or indirectly, require, intimidate, threaten or coerce a customer to sign such an affidavit. If a customer who receives or attempts to receive high-interest loan services is a member of the military, a licensee who operates a high-interest loan service shall:.

If a customer who receives or attempts to receive high-interest loan services is a member of the military, a licensee who operates a high-interest loan service shall not:.

A licensee who operates a high-interest loan service shall not make a high-interest loan which, under the terms of the loan agreement, requires any monthly payment that exceeds 25 percent of the expected gross monthly income of the customer. A licensee who operates a high-interest loan service shall not make more than one deferred deposit loan, single-advance, single-payment loan or high-interest loan to the same customer at one time or before any outstanding balance is paid in full on an existing loan made by that licensee to the customer unless:.

A licensee who operates a high-interest loan service shall not:. Take any note or promise to pay which does not disclose the date and amount of the high-interest loan, amount financed, annual percentage rate, finance charge, total of payments, payment schedule and a description and the amount of every fee charged, regardless of the name given to the fee and regardless of whether the fee is required to be included in the finance charge under the Truth in Lending Act and Regulation Z.

Take any instrument, including a check or written authorization for an electronic transfer of money, in which blanks are left to be filled in after the high-interest loan is made.

Make any transaction contingent on the purchase of insurance or any other goods or services or sell any insurance to the customer with the high-interest loan. Charge any fee to cash a check representing the proceeds of a high-interest loan made by the licensee or any agent, affiliate or subsidiary of the licensee. Use or threaten to use the criminal process in this State or any other state, or any civil process not available to creditors generally, to collect on a high-interest loan made to a customer.

Advertise or permit to be advertised in any manner any false, misleading or deceptive statement or representation with regard to the rates, terms or conditions for high-interest loans. A customer may rescind a high-interest loan on or before the close of business on the next day of business at the location where the high-interest loan was initiated.

To rescind the high-interest loan, the customer must deliver to the licensee:. Upon receipt of the original check, the licensee shall refund any fee charged to the customer to initiate the high-interest loan. If a customer rescinds a high-interest loan pursuant to this section, the licensee:. If a customer pays the high-interest loan in full, including all interest, charges and fees negotiated and agreed to by the licensee and customer as permitted under this chapter, the licensee shall:.

A customer may make a partial payment on a high-interest loan, or any extension thereof, at any time without an additional charge or fee. Before a licensee who operates a high-interest loan service attempts to collect the outstanding balance on a high-interest loan in default by commencing any civil action or process of alternative dispute resolution, the licensee shall offer the customer an opportunity to enter into a repayment plan.

If a licensee who operates a high-interest loan service intends to commence any civil action or process of alternative dispute resolution in an effort to collect a defaulted high-interest loan, the licensee shall deliver to the customer, not later than 15 days after the date of default, or not later than 5 days after a check is not paid upon presentment or an electronic transfer of money fails, whichever is later, written notice of the opportunity to enter into a repayment plan.

Except as otherwise provided in subsection 2, if a customer agrees in writing to establish or extend the period for the repayment, renewal, refinancing or consolidation of an outstanding high-interest loan by using the proceeds of a new deferred deposit loan or high-interest loan to pay the balance of the outstanding high-interest loan, the licensee shall not establish or extend the period beyond 60 days after the expiration of the initial loan period.

The licensee shall not add any unpaid interest or other charges accrued during the original term of the outstanding high-interest loan or any extension of the outstanding high-interest loan to the principal amount of the new deferred deposit loan or high-interest loan. If a customer defaults on a high-interest loan or on any extension or repayment plan relating to the high-interest loan, whichever is later, the licensee may collect only the following amounts from the customer, less all payments made before and after default:.

If there is an extension, in writing and signed by the customer, relating to the high-interest loan, the licensee may charge and collect interest pursuant to this paragraph for a period not to exceed 60 days after the expiration of the initial loan period, unless otherwise allowed by NRS A. If you are missing any of the required elements of your application, your application will be sent back to you without a license.

Please note that you would like the license issued in the name of your company on the S-License application. Where should I send my completed application? However, materials that are submitted in person may not be processed the same day. Therefore, you are advised to submit applications at your own convenience. All fees are non-refundable. However, if your application is incomplete, the Department will notify you of what is missing, and you will have an opportunity to complete your application without an additional fee.

All applicants for a Security Systems Contractor license must consent to a criminal background check as a condition of licensure. There are three major categories of licensure qualification based on the information found in the CORI report: No record indicates that the applicant has no record of offenses, and is suitable for licensure as far as the CORI requirement. Individuals denied a license under these circumstances may appeal to the Commissioner for reconsideration.

Generally, the Department will get back to you within two weeks of receiving a complete application packet. You should renew within 30 days from your expiration date following the same procedures as the new application.

You must have a Certificate of Clearance in accordance with M. A Certificate of Clearance certifies that an employee of an S-license holder has undergone a CORI inquiry, and has been approved to work for an individual or company licensed to install security systems..

The license is different in that it permits a contractor or corporation to hold himself or itself out as being engaged in the business of installing, repairing, or offering maintenance for security systems. As an S-license holder, how do I obtain a Certificate of Clearance to employ individuals at my business?

Note that this form must be completed by an S-License holder for each person that the licensee wishes to employ. The form must be signed by both the S-License holder and the employee seeking certification. Next, the S-License holder must request a criminal background check. When a CORI is received for any individual applying for a Certificate of Clearance, the S-Licensee is responsible for reviewing the CORI to ensure that the individual has not been convicted of a felony or a crime of moral turpitude, which initially disqualifies the individual from employment under M.

The Department has compiled an "S-License Crimes Classification Chart" that identifies all felonies and crimes of moral turpitude in Massachusetts. Fill in the results of the background check where indicated on the Attestation for Certificate of Clearance. The packets should be mailed to:. If I already have a Certificate of Clearance, but am going to work for another S-License holder, am I required to obtain a new Certificate of Clearance?

Every time you change employment you must re-submit a new Application for a Certificate of Clearance with the company. Your certificate is automatically revoked if you change employment or cease to be employed by a Security Systems Contractor.