STATE OF MAINE SECURITIES DIVISION 121 STATE HOME STATION AUGUSTA, ME 04333
IN RE David Elliot L’Hoir, PayDay Today! 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 named “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 to your legislation for the State of Nevada. PayDay runs a string of monetary facilities in Southern Ca and has now 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 into the business of providing deferred deposit loans to customers. These loans are tiny, short term loans that want payment 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 the scheduled duration of the time, generally speaking before the consumerвЂ™s next payday, or a single or period that is two-week ergo the definition of “payday” loan. PayDay individuals are charged yearly charges that normal 360% regarding the financial obligation principal.
Soon thereafter, this Maine resident received when you look at the mail a package of investment product associated with PayDay. In this material, LвЂ™Hoir represented which he had been supplying a “4% month-to-month return collateralized by receivable (client Checks)” in substitution for at least investment in PayDay of $10,000. LвЂ™Hoir further represented which he had been searching for investors in 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 letter 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 with all the package delivered by LвЂ™Hoir.
As a consequence of becoming alert to this solicitation, the Securities Division published to LвЂ™Hoir by page dated April 30, 2001 notifying him that, pursuant towards the Revised Maine Securities Act, 32 M.R.S.A. 10101 et seq. (“the Act”), it really is illegal proper to market or provide to offer any safety in Maine unless the protection is registered, or even the protection or deal is exempt from enrollment underneath the Act. The Securities Division further notified LвЂ™Hoir that it’s additionally unlawful beneath the Act to transact company in Maine as a broker-dealer or product 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 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 summary of all Maine residents with who LвЂ™Hoir has received contact whenever you want regarding the 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 supply the Securities Division with a listing of all Maine residents with who LвЂ™Hoir has received contact associated with 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 using the expectation that the investors will get a return on the monies as results of buying PayDay comprises a good investment agreement. A good investment agreement is really a safety under 32 M.R.S.A. В§10501 (18).
Its illegal to provide or offer any safety 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 doesn’t have record that PayDay securities were registered for offer or purchase 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’s illegal for just about any individual to transact company in Maine being a broker-dealer in Maine unless the broker-dealer is exempt or licensed 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.
Its illegal for almost any individual to transact company in Maine as 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 certified being a sales agent in Maine and it is perhaps perhaps perhaps perhaps not conscious of 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 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 payday loans in Utah this Notice of Intent to register a written ask for a hearing.
Christine A. Bruenn ________________________________
Christine A. Bruenn Securities Administrator