5 High-Interest Online Lenders Fined In NY AG Probe

Law360, Los Angeles (September 30, 2013, 5:59 PM EDT) -- Five companies that collected on illegal payday loans from New Yorkers have agreed to pay a total of $300,000 in restitution and penalties for violating the state’s usury and licensed lender laws, New York Attorney General Eric T. Schneiderman announced on Monday.

The settlements come more than a month after Schneiderman sued a pair of online short-term lenders 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 said Western...
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