Cuomo Administration Expands Investigation into Illegal On Line Payday Lending and Associated Consumer Abuses

Cuomo Administration Expands Investigation into Illegal On Line Payday Lending and Associated Consumer Abuses

Governor Andrew M. Cuomo today announced that their management is expanding its efforts to guard New Yorkers from unlawful, online lending that is payday related fraudulent activities 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 companies are placing customers prone to punishment by gathering and attempting to sell their private information to unlawful online payday lenders as well as other businesses, including scam artists, in violation of the latest York State legislation. Read more