NY AG Sues High-Interest Online Lenders

Law360, New York (August 12, 2013, 6:15 PM EDT) -- New York Attorney General Eric T. Schneiderman sued a pair of online short-term lenders on Monday for charging allegedly usurious rates on personal loans, saying the companies have saddled New Yorkers with over $185 million in debt finance charges since 2010.

Schneiderman says Western Sky Financial LLC, CashCall Inc. and their owners and affiliates have breached New York usury and licensed lender laws by issuing personal loans over the Internet at annual interest rates of up to 355 percent, far above the 16 percent maximum rate...
To view the full article, register now.