Ryms Financial Services, Inc.

In California, companies who engage in deferred deposit transactions, or, payday loans, must be licensed by the State. The State requires licensees to maintain a net worth of at least $25,000, and requires all advertising to display the company’s State license number.

The State also requires licensees to provide specific disclosures to consumers before entering into a transaction. These include, but are not limited to; information about charges for deferred deposit transactions, that if the customer's check is returned unpaid, the customer may be charged an additional fee of up to fifteen dollars ($15); that the customer cannot be prosecuted in a criminal action in conjunction with a deferred deposit transaction for a returned check or be threatened with prosecution; that the licensee may not accept any collateral in conjunction with a deferred deposit transaction, and that no customer may be required to pay treble damages if this check does not clear.

All agreements must be in writing, and provided by the licensee to the customer. The written agreement should include full disclosure of the total amount of any fees charged for the deferred deposit transaction, expressed both in United States currency and as an APR as required under the Federal Truth In Lending Act and its regulations. It also should include a clear description of the customer's payment obligations, the name, address, and telephone number of the licensee, the customer's name and address, and the date to which deposit of check has been deferred (due date).