03/12/2024 | Press release | Distributed by Public on 03/12/2024 17:26
Alert number: CA057535_3/1/24(3/25)
The State of Washington Department of Financial Institutions (DFI) has received a complaint from a Washington consumer against Big Valley Band of Pomo Indians dba Credit Cube. The consumer reported that they obtained a loan from Big Valley Band of Pomo Indians dba Credit Cube that included excessive fees and interest.
It appears that Big Valley Band of Pomo Indians dba Credit Cube may be operating as an unlicensed tribal lender. Big Valley Band of Pomo Indians dba Credit Cube claims to be a tribal enterprise wholly owned and operated by the Big Valley Band of Pomo Indians, a federally recognized Indian Tribe located in California.
Big Valley Band of Pomo Indians dba Credit Cube operates a website at [www.creditcube.com] and lists it contact information as:
Credit Cube
P.O. Box 133
Finley, CA 945435
Phone: 888*885*5646
[[email protected]]
Big Valley Band of Pomo Indians dba Credit Cube 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 consumers that before doing business with a financial services provider the consumer should:
Washington State residents are informed that Washington State law provides in RCW 31.45.105(1)(d) and (3) that a "small loan" made by an unlicensed entity (which is not otherwise exempt from licensure) to a person physically located in Washington State is uncollectible and unenforceable in Washington State. A "small loan" is defined in RCW 31.45.073 as a loan that does not exceed $700 and requires repayment between 7 and 45 days after the loan is made. You should consider obtaining legal advice to determine if your loan is collectable or enforceable in Washington before deciding not to pay.
Washington 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 the activity involves a loan you obtained over the internet, a license is generally still required. If a collection agency is attempting to collect a debt from you, check that the company is licensed by the state of Washington Department of Licensing.
Collection activities by payday lenders in the state of Washington are subject to RCW 31.45.082, which limits the time, place, and manner by which a payday lender may collect a debt. Payday lenders must also provide borrowers with an installment plan if the borrower is not able to pay the small loan back when it is due.