Cuomo Administration Expands Investigation into Prohibited On The Web Payday Lending and Associated Customer Abuses
Governor Andrew M. Cuomo today announced that their administration is expanding its efforts to guard New Yorkers from illegal, online financing that is payday associated fraudulent tasks that harm customers. The Department of Financial Services (DFS) delivered subpoenas to 16 online lead generation organizations suspected of misleading or deceptive advertising of unlawful, payday loans online in ny as an element of an extensive and ongoing research. DFS suspects that these firms are placing clients at risk of punishment by collecting and offering their information that is individual to illegal online payday lenders and also other companies, including scam artists, in breach of brand-new York State legislation.
Formerly this current 12 months, my administration established a study of online loan providers that are payday
Today and we are expanding this investigation to protect New Yorkers from similar scams that ensnare families in endless cycles of debt, Governor Cuomo said.