STATE OF MAINE SECURITIES DIVISION 121 STATE HOME FACILITY AUGUSTA, ME 04333
IN RE David Elliot L’Hoir, PayDay Today! 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”) could be the creator and current 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 legislation associated with State of Nevada. PayDay runs a string of economic facilities in Southern Ca and has now a loan that is national center in Fort Lauderdale, Florida. PayDay runs with 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 consumers. These loans are tiny, quick unsecured loans that want payment in just a time period that is relatively short. In an online payday loan transaction, the buyer provides PayDay with an individual check and receives cash less the attention and costs charged by PayDay. The check will be held for a scheduled duration of the time, generally speaking before the consumerвЂ™s next payday, or a one or period that is two-week thus the expression “payday” loan. PayDay consumers are charged yearly costs that normal 360% for the financial obligation principal.
Soon thereafter, this Maine resident received within the mail a package of investment product associated with PayDay. In this material, LвЂ™Hoir represented he ended https://approved-cash.com/payday-loans-ak/ 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 he ended up being searching for investors in purchase to improve 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 had previously been solicited by LвЂ™Hoir, penned towards the Securities Division to advise of LвЂ™HoirвЂ™s solicitation and offered the Securities Division using the package delivered by LвЂ™Hoir.
As a consequence of becoming alert to this solicitation, the Securities Division had written 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”), it’s illegal for anybody to offer or provide to market any protection in Maine unless the protection is registered, or the protection or deal is exempt from enrollment underneath the Act. The Securities Division further notified LвЂ™Hoir that it’s additionally illegal underneath the Act to transact company in Maine being a broker-dealer or product product product sales agent unless certified or exempt from certification. Also, the Securities Division notified LвЂ™Hoir that misrepresentations and omissions of product reality produced in reference to a sale and offer of securities constitute fraudulence underneath the Act.
The securities Division requested LвЂ™Hoir to review his records and provide the Securities Division with a list of all Maine residents with whom LвЂ™Hoir has had contact at any time in connection with the offer or sale of PayDay notes in this letter.
Also, the Securities Division notified LвЂ™Hoir that, he should cease soliciting sales of PayDay notes until he complied with Maine law.
LвЂ™Hoir has did not answer the Securities DivisionвЂ™s page dated. In specific, LвЂ™Hoir has neglected to give you the Securities Division with a summary of all Maine residents with who LвЂ™Hoir has received contact relating to the offer or purchase of PayDay notes or an assurance which he will stop soliciting Maine residents for product product sales of PayDay records.
The solicitation and pooling of investorsвЂ™ monies with all the expectation that the investors will get a return on the monies as being a total consequence of purchasing PayDay comprises a good investment agreement. An investment agreement is really a protection under 32 M.R.S.A. В§10501 (18).
It’s illegal to provide or sell any safety in Maine unless the safety is registered, is exempt from registration or perhaps is a federal covered safety under 32 M.R.S.A. В§10401.
The Securities Division does not have any record that PayDay securities have already been registered for sale or offer in Maine. Also, the Securities Division 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 just about 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 doesn’t have record that either LвЂ™Hoir or PayDay is certified as a broker-dealer in Maine.
It really is illegal for almost any individual to transact company in Maine as product sales agent unless exempt or licensed from licensing under 32 M.R.S.A. В§10301 (2). The Securities Division doesn’t have record that LвЂ™Hoir is licensed as a sales agent in Maine and it’s also maybe maybe maybe not conscious of any relevant exemption from certification which is why he may 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 to 32 M.R.S.A. В§10602(1)(A) against LвЂ™Hoir and PayDay to prohibit further violations for 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