Governor Cuomo Announces Department of Financial Services Notifies loan companies to not ever look for Collection on Illegal payday advances

Governor Cuomo Announces Department of Financial Services Notifies loan companies to not ever look for Collection on Illegal payday advances

Governor Andrew M. Cuomo announced that the New York State Department of Financial Services has sent letters to all debt collectors in New York stating that it is illegal to attempt to collect a debt on a payday loan since such loans are illegal in New York today. Pay day loans are short-term loans, typically an advance on a paycheck, with exceptionally high interest levels that violate New York’s criminal usury law, which limits interest to 25 %. Taking into consideration the charges for a yearly foundation, the interest rate is as high as 400 per cent.

“Today’s notification will remind loan companies within the suggest that such methods are unlawful in ny,” Governor Cuomo said. “Studies obviously show that payday advances aren’t an answer for people with low incomes, but alternatively a high expense financial obligation trap. That’s why they’ve been unlawful in ny, in addition to State continues to protect customers from all of these deceptive loans.”

Superintendent of Financial Services Benjamin M. Lawsky said, “All debt enthusiasts in ny should be aware it is unlawful to try and gather loan that is payday. We’ll aggressively enforce what the law states to safeguard all New Yorkers and particularly low earnings individuals who will be all many times mistreated by unscrupulous loan providers and loan companies.”

Lenders effort to skirt brand brand New York’s prohibition on payday financing by providing loans over the Internet, hoping to prevent prosecution.

Nonetheless, online lending that is payday in the same way illegal as payday financing manufactured in individual in ny. (далее…)

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