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Cuomo Administration Expands Investigation into Prohibited Online Payday Lending and Associated Customer Abuses

Cuomo Administration Expands Investigation into Prohibited Online Payday Lending and Associated Customer Abuses

Governor Andrew M. Cuomo today announced that their administration is expanding its efforts to shield New Yorkers from illegal, online financing that is payday associated fraudulent tasks that harm customers. As a component of a comprehensive and ongoing research, the Department of Financial Services (DFS) delivered subpoenas to 16 online lead generation companies suspected of deceptive or misleading marketing of illegal, payday advances online in ny. DFS suspects that these firms are placing clients vulnerable to punishment by collecting and offering their information that is individual to illegal online payday lenders and also other businesses, including scam artists, in breach of completely new York State legislation.

Formerly this year that is present my administration established a study of online loan providers that are payday

And now we are expanding this research to guard New Yorkers from similar frauds that ensnare families in endless rounds of financial obligation, Governor Cuomo stated today. We will continue to follow this extensive research anywhere it leads and use every unit at our disposal to shield New Yorkers from the ones that seek out to target upon vulnerable consumers.

Benjamin M. Lawsky, Superintendent of Financial Services, said, Payday funding is illegal in ny and therefore will be the marketing that is misleading of unlawful loans by lead generators. Whats worse would be the fact that weve received complaints from New Yorkers planning to create leads businesses related to frauds, harassing phone calls, misleading marketing, and privacy breaches.

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