Cuomo Administration Needs 35 Organizations Cease and Desist Providing Illegal Payday Loans Online That Damage Brand Brand New York Customers

Cuomo Administration Needs 35 Organizations Cease and Desist Providing Illegal Payday Loans Online That Damage Brand Brand New York Customers

Governor Andrew M. Cuomo announced today that their Administration demanded 35 companies that are online and desist offering unlawful payday advances to ny customers. A comprehensive, ongoing Nyc state dept. of Financial Services (DFS) investigation uncovered that people businesses had been providing payday advances to consumers on the internet in breach of the latest York legislation, including some loans with yearly interest levels up to 1,095 per cent.

Governor Cuomo additionally announced today that Benjamin M. Lawsky, Superintendent of Financial Services, sent letters to 117 banking institutions along with NACHA, which administers the Automated Clearing House (ACH) system and whoever board includes representatives from an amount of those banking institutions asking for they use DFS to cut down use of New York consumer makes up illegal payday lenders. Continue reading