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

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

Governor Andrew M. Cuomo today announced that their management is expanding its efforts to safeguard New Yorkers from unlawful, online lending that is payday associated fraudulent online-loan.org/payday-loans-ma/cambridge/ tasks that damage customers. The Department of Financial Services (DFS) sent subpoenas to 16 online lead generation firms suspected of deceptive or misleading marketing of illegal, online payday loans in New York as part of an extensive and ongoing investigation. DFS suspects that these businesses are putting consumers prone to punishment by gathering and offering their private information to illegal online payday lenders as well as other organizations, including scam music artists, in breach of brand new York State legislation.

Early in the day this current year, my management established a study of online lenders that are payday and after this we have been expanding this research to safeguard New Yorkers from similar frauds that ensnare families in endless rounds of financial obligation, Governor Cuomo stated. We will continue steadily to follow this research anywhere it leads and make use of every device at our disposal to shield New Yorkers from those that seek to victim upon vulnerable customers.

Benjamin M. Lawsky, Superintendent of Financial Services, said, Payday financing is unlawful in nyc so could be the marketing that is deceptive of illegal loans by lead generators. Read More “Cuomo Administration Expands Investigation into Prohibited On The Web Payday Lending and Associated Consumer Abuses”

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