Governor Andrew M. Cuomo today announced that his management is expanding its efforts to safeguard New Yorkers from unlawful, online lending that is payday associated fraudulent tasks that damage customers. As an element of a comprehensive and ongoing research, the Department of Financial Services (DFS) delivered subpoenas to 16 online lead generation companies suspected of misleading or deceptive advertising of unlawful, payday loans online in nyc. DFS suspects that these companies are putting customers vulnerable to punishment by collecting and attempting to sell their private information to unlawful online payday lenders as well as other organizations, including scam performers, in breach of Excelsior Springs payday loans cash advance the latest York State legislation.

Earlier in the day in 2010, my management established a study of online payday lenders, and after this our company is expanding this research to guard 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 employ every device at our disposal to safeguard New Yorkers from people who look for to victim upon vulnerable customers.

Benjamin M. Lawsky, Superintendent of Financial Services, said, Payday financing is unlawful in nyc so could be the misleading advertising of the unlawful loans by lead generators. Continue reading “Cuomo Administration Expands Investigation into Prohibited On Line Payday Lending and Related Consumer Abuses”