New York State Attacks Payday Loan Lenders: Claims ACH System the Weak Link

By | Aug 6, 2013

New York State’s financial regulator sent letters to 35 payday loan Internet lenders, instructing them to “cease and desist” from offering loans that violate local usury laws. The regulator, Benjamin M. Lawsky, ordered the lenders to halt the “illegal” loans within two weeks. New York outlaws any loans at rates above 25 percent annually. Additionally, […]

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