NY Bill To Legalize Payday Loans Ripped By Gov.'s Office

Law360, New York (April 29, 2013, 3:00 PM EDT) -- The administration of New York Gov. Andrew Cuomo on Monday challenged a proposal to legalize payday loans made by check cashers, saying the fact that such loans are currently being made illegally in the state doesn’t justify their legalization.

A bipartisan bill to create an exception to state criminal usury law for licensed check cashers to make such loans — and to set a 25 percent cap on rates — would "roll back long-standing and effective consumer protections," according to Department of Financial Services Superintendent Benjamin...
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