STATE OF MAINE SECURITIES DIVISION 121 STATE HOME FACILITY AUGUSTA, ME 04333
Today IN RE David Elliot L’Hoir, PayDay! U.S.A. Inc. and PayDay Today! U.S.A. Com, Inc.
NOTICE OF INTENT TO ISSUE CEASE AND DESIST PURCHASE 01-073
David Elliot LвЂ™Hoir (hereinafter known as “LвЂ™Hoir”) could be the creator and present President and Chief Executive Officer of PayDay Today! Today U.S.A. Inc. and PayDay! U.S.A. Com, Inc. (hereinafter collectively referred to as “PayDay”). PayDay is incorporated pursuant to your guidelines associated with the State of Nevada. PayDay operates a string of economic facilities in Southern Ca and contains a loan that is national center in Fort Lauderdale, Florida. PayDay runs through an internet website target. and advertises it self as having stores that are retail-affiliated.
PayDay is into the continuing business of providing deferred deposit loans to customers. These loans are tiny, short term loans that want repayment inside a time period that is relatively short. The consumer provides PayDay with a personal check and receives cash less the interest and fees charged by PayDay in a payDay loan transaction. The check will be held for a scheduled duration of the time, generally speaking through to the consumerвЂ™s next payday, or a single or two-week duration, thus the definition of “payday” loan. PayDay individuals are charged yearly charges that normal 360% of this financial obligation principal.
Soon thereafter, this Maine resident received into the mail a package of investment product associated with PayDay. In this material, LвЂ™Hoir represented which he had been providing a “4% month-to-month return collateralized by receivable (client Checks)” in substitution for the absolute minimum investment in PayDay of $10,000. LвЂ™Hoir further represented which he ended up being investors that are seeking purchase to boost money of $2,000,000 for PayDay. Pursuant to LвЂ™HoirвЂ™s investment scheme, investors get an email and wthhold the choice of retiring this note so long as ninety daysвЂ™ notice is offered.
By page dated, the Maine resident who had previously been solicited by LвЂ™Hoir, penned towards the Securities Division to advise of LвЂ™HoirвЂ™s solicitation and supplied the Securities Division utilizing the package delivered by LвЂ™Hoir.
Due to becoming alert to this solicitation, the Securities Division composed to LвЂ™Hoir by page dated April 30, 2001 notifying him that, pursuant into the Revised Maine Securities Act, 32 M.R.S.A. 10101 et seq. (“the Act”), its illegal proper to offer or provide to offer any protection in Maine unless the safety is registered, or even the protection or deal is exempt from enrollment beneath the Act. The Securities Division further notified LвЂ™Hoir that it’s additionally illegal underneath the Act to transact company in Maine as being a broker-dealer or product product sales agent unless exempt or licensed from certification. Also, the Securities Division notified LвЂ™Hoir that misrepresentations and omissions of product reality manufactured in experience of an offer and purchase of securities constitute fraudulence beneath the Act.
In this page, the Securities Division requested LвЂ™Hoir to examine his records and offer the Securities Division with a listing of all Maine residents with who LвЂ™Hoir has received contact anytime associated with the offer or purchase of PayDay records.
Additionally, the Securities Division notified LвЂ™Hoir that, until he complied with Maine legislation, he should stop soliciting product sales of PayDay records.
LвЂ™Hoir has did not answer the Securities DivisionвЂ™s page dated. In specific, LвЂ™Hoir https://1hrtitleloans.com/payday-loans-il/ has failed to give you the Securities Division with a summary of all Maine residents with who LвЂ™Hoir has already established contact associated with the offer or purchase of PayDay records or an assurance he will stop soliciting Maine residents for sales of PayDay records.
The solicitation and pooling of investorsвЂ™ monies using the expectation that the investors will get a return on the monies as being results of buying PayDay constitutes a good investment agreement. An investment agreement is a safety under 32 M.R.S.A. В§10501 (18).
It really is illegal to provide or sell any safety in Maine unless the safety is registered, is exempt from enrollment or perhaps is a federal covered protection under 32 M.R.S.A. В§10401.
The Securities Division doesn’t have record that PayDay securities are registered for offer or purchase in Maine. Also, the Securities Division is certainly not alert to any exemption that is applicable enrollment which is why PayDay securities might qualify, nor would be the securities federal covered securities.
It really is illegal for just about any individual to transact company in Maine being a broker-dealer in Maine unless the broker-dealer is licensed or exempt from licensing under 32 M.R.S.A. В§10301(2). The Securities Division doesn’t have record that either LвЂ™Hoir or PayDay is certified being a broker-dealer in Maine.
It really is illegal for just about any individual to transact business in Maine as being product sales representative unless certified or exempt from licensing under 32 M.R.S.A. В§10301 (2). The Securities Division does not have any record that LвЂ™Hoir is certified as being a sales agent in Maine which is maybe maybe not alert to any exemption that is applicable certification which is why he could qualify.
Pursuant to 32 M.R.S.A. В§10708, notice is hereby considering that the Securities Administrator promises to issue A purchase to Cease and Desist pursuant to 32 M.R.S.A. В§10602(1)(A) against LвЂ™Hoir and PayDay to prohibit further violations regarding the Revised Maine Securities Act.
Pursuant to 32 M.R.S.A. В§ 10708(2), LвЂ™Hoir and PayDay have actually thirty (30) calendar days through the entry with this Notice of Intent to register a written ask for a hearing.
Christine A. Bruenn ________________________________
Christine A. Bruenn Securities Administrator