Cuomo Administration Expands Investigation into Prohibited On The Web Payday Lending and Associated Customer Abuses

Cuomo Administration Expands Investigation into Prohibited On The Web Payday Lending and Associated Customer Abuses

Governor Andrew M. Cuomo today announced that their administration is expanding its efforts to guard New Yorkers from illegal, online financing that is payday associated fraudulent tasks that harm customers. As a component of a thorough and ongoing research, the Department of Financial Services (DFS) delivered subpoenas to 16 online lead generation businesses suspected of misleading or misleading marketing of unlawful, payday advances online in ny. DFS suspects that these firms are placing clients susceptible to punishment by collecting and offering their information this is certainly individual to illegal online payday lenders and also other businesses, including scam artists, in breach of completely new York State legislation.

Previously this current 12 months, my administration established an investigation of online loan providers that are payday

And then we are expanding this research to safeguard New Yorkers from similar frauds that ensnare families in endless rounds of financial obligation, Governor Cuomo stated today. We will continue to follow this extensive research anywhere it leads and employ every unit at our disposal to shield New Yorkers from the ones that seek out to target upon vulnerable customers.

Benjamin M. Lawsky, Superintendent of Financial Services, said, Payday financing is illegal in ny and therefore will be the marketing that is misleading of unlawful loans by lead generators. (mais…)

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