STATE OF MAINE SECURITIES DIVISION 121 STATE HOUSE 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”) 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 laws and regulations regarding the State of Nevada. PayDay runs a string of economic facilities in Southern California and it has 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 continuing business of providing deferred deposit loans to customers. These loans are little, short term loans that need payment within a time period that is relatively short. The consumer provides PayDay with a personal check and receives Ohio direct payday lender 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 two-week duration, ergo the expression “payday” loan. PayDay individuals are charged yearly charges that typical 360% associated with the debt principal.
Briefly 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 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 had been investors that are seeking purchase to increase 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 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 supplied the Securities Division because of the package delivered by LвЂ™Hoir.
Because of becoming alert to this solicitation, the Securities Division composed 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 offer or provide to market any protection in Maine unless the protection is registered, or 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 company in Maine as a broker-dealer or product sales agent unless exempt or licensed from certification. Additionally, the Securities Division notified LвЂ™Hoir that misrepresentations and omissions of product reality manufactured in reference to a sale and offer of securities constitute fraudulence beneath 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.
Moreover, the Securities Division notified LвЂ™Hoir that, he should cease soliciting sales of PayDay notes until he complied with Maine law.
LвЂ™Hoir has didn’t react to the Securities DivisionвЂ™s page dated. In specific, LвЂ™Hoir has neglected to offer the Securities Division with a listing of all Maine residents with who LвЂ™Hoir has already established contact relating to the offer or purchase of PayDay records or an assurance he will stop soliciting Maine residents for product 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 being results of purchasing PayDay comprises a good investment agreement. A good investment agreement is really a safety under 32 M.R.S.A. В§10501 (18).
It really is illegal to provide or offer any safety in Maine unless the protection 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 have already been registered for offer or purchase in Maine. Also, the Securities Division isn’t alert to 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 business 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 being a broker-dealer in Maine.
It really is illegal for almost any individual to transact company in Maine as being sales agent unless exempt or licensed 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 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 that the Securities Administrator intends 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 associated with 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 from the entry with this Notice of Intent to register a written ask for a hearing.
Christine A. Bruenn ________________________________
Christine A. Bruenn Securities Administrator