NY Warns Online Payday Lenders Over Illegal Loans

Law360, New York (August 6, 2013, 12:35 PM EDT) -- New York financial regulators on Tuesday ordered 35 online payday lenders to halt offering short-term loans with interest rates as high as 1,095 percent to customers in the state or face potential legal action.

The New York State Department of Financial Services sent cease-and-desist letters to 35 online payday lenders as part of a broader campaign to stop lenders from offering them inside the state, where payday lending is illegal. Many payday lenders use the Internet to get customers from New York, even though their actions...
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