STATE OF MAINE SECURITIES DIVISION 121 STATE HOME FACILITY AUGUSTA, ME 04333
Today IN RE David Elliot L’Hoir, PayDay! Today U.S.A. Inc. and PayDay! 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») may be the creator and present President and Chief Executive Officer of PayDay Today! U.S.A. Inc. and PayDay Today! U.S.A. Com, Inc. (hereinafter collectively referred to as «PayDay»). PayDay is incorporated pursuant towards the laws and regulations associated with the State of Nevada. PayDay runs a string of economic centers in Southern Ca and contains a loan that is national center in Fort Lauderdale, Florida. PayDay runs via an internet website target. and advertises it self as having retail-affiliated stores nationwide.
PayDay is when you look at the continuing business of providing deferred deposit loans to customers. These loans are little, short term loans that need payment in just a fairly limited time period. 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 the scheduled duration of the time, generally speaking before the consumerвЂ™s next payday, or a one or period that is two-week thus the word «payday» loan. PayDay individuals are charged yearly charges that typical 360% associated with the 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 ended up being supplying a «4% month-to-month return collateralized by receivable (client Checks)» in substitution for the very least investment in PayDay of $10,000. LвЂ™Hoir further represented which he had been 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 90 daysвЂ™ notice is provided.
By page dated, the Maine resident who was simply 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.
The securities Division wrote to LвЂ™Hoir by letter dated April 30, 2001 notifying him that, pursuant to the Revised Maine Securities Act, 32 M.R.S.A. 10101 et seq as a result of becoming aware of this solicitation. («the Act»), it’s illegal for anybody to market or provide to market any protection in Maine unless the protection is registered, or perhaps the protection or deal is exempt from enrollment beneath the Act. The Securities Division further notified LвЂ™Hoir that it’s additionally illegal beneath the Act to transact business in Maine being a broker-dealer or product sales agent unless certified or exempt from certification. Additionally, the Securities Division notified LвЂ™Hoir that misrepresentations and omissions of product reality manufactured in experience of a sale and offer of securities constitute fraudulence beneath the Act.
In this page, the Securities Division requested LвЂ™Hoir to examine their records and supply the Securities Division with a listing of all Maine residents with who LвЂ™Hoir has already established contact whenever you want 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 neglected to react to the Securities DivisionвЂ™s page dated. In specific, LвЂ™Hoir has did not give you the Securities Division with a listing of all Maine residents with who LвЂ™Hoir has already established contact associated with the offer or sale of PayDay records or an assurance which he will stop soliciting Maine residents for product sales of PayDay records.
The solicitation and pooling of investorsвЂ™ monies because of the expectation that the investors will get a return on the monies as a total outcome of purchasing PayDay comprises a good investment agreement. An investment agreement is a safety under 32 M.R.S.A. В§10501 (18).
It really is illegal to supply or offer any protection in Maine unless the safety is registered, is exempt from enrollment or perhaps is a federal security that is covered 32 M.R.S.A. В§10401.
The Securities Division does not have any record that PayDay securities are registered for sale or offer in Maine. Additionally, the Securities Division just isn’t conscious of any relevant exemption from enrollment which is why PayDay securities might qualify, nor would be the securities federal covered securities.
It really is illegal for almost any individual to transact company in Maine as being a broker-dealer in Maine unless the broker-dealer is certified or exempt from licensing under 32 M.R.S.A. В§10301(2). The Securities Division does not have any record that either LвЂ™Hoir or PayDay is licensed being a broker-dealer in Maine.
It really is illegal for almost any individual to transact company in Maine being product sales agent 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 a sales agent in Maine which is perhaps not alert to any relevant exemption from certification which is why he could qualify.
Pursuant to 32 M.R.S.A. В§10708, notice is hereby considering the fact that the Securities Administrator promises to issue a purchase to Cease and Desist pursuant http://www.onlinecashland.com/ 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 times through the entry with this Notice of Intent to register a written ask for a hearing.
Christine A. Bruenn ________________________________
Christine A. Bruenn Securities Administrator