CUOMO MANAGEMENT DEMANDS 35 ORGANIZATIONS CEASE AND DESIST PROVIDING PROHIBITED PAYDAY LOANS ONLINE THAT DAMAGE NY CONSUMERS

CUOMO MANAGEMENT DEMANDS 35 ORGANIZATIONS CEASE AND DESIST PROVIDING PROHIBITED PAYDAY LOANS ONLINE THAT DAMAGE NY CONSUMERS

Substantial DFS Investigation Uncovers Companies Illegal that is offering Payday to New York customers with yearly rates of interest As High as 1,095 per cent

Cuomo Administration demands Banking institutions and NACHA make use of DFS to take off Payday Lenders’ Access to Customer Accounts

Governor Andrew M. Cuomo announced today that their management demanded 35 online organizations cease and desist offering unlawful payday advances to ny customers. A comprehensive, ongoing ny state dept. of Financial solutions (DFS) investigation uncovered that people businesses had been providing payday advances to customers on the internet in breach of the latest York legislation, including some loans with yearly interest levels since high as 1,095 %. (more…)