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Cuomo Administration Expands Investigation into Prohibited On Line Payday Lending and Related Consumer Abuses

Governor Andrew M. Cuomo today announced that his management is expanding its efforts to guard New Yorkers from unlawful, online payday lending and associated fraudulent tasks that harm 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 organizations are putting customers vulnerable to abuse by gathering and attempting to sell their information that is personal to illegal online payday lenders as well as other businesses, including scam music artists, in breach of the latest York State legislation.

Earlier in the day in 2010, my management established a study of online payday lenders, and after this we have been expanding this research to guard New Yorkers from similar frauds that ensnare families in endless rounds of financial obligation, Governor Cuomo said. We will continue steadily to follow this research anywhere it leads and employ every device at our disposal to shield New Yorkers from those that look for to victim upon vulnerable customers.

Benjamin M. Lawsky, Superintendent of Financial Services, said, Payday financing is illegal in ny and thus may be the marketing that is deceptive of illegal loans by lead generators. Whats worse is the fact that weve received complaints from New Yorkers about to generate leads companies linked to frauds, harassing telephone calls, misleading advertising, and privacy breaches. New Yorkers could possibly get sucked into an apparently endless black colored opening payday cash advance Sartell MN of consumer punishment when they offer their delicate private information to these kinds of sites. 继续阅读