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Cuomo Administration Needs 35 Organizations Cease and Desist Providing Illegal Online Pay Day Loans That Damage Brand Brand New York Customers

Governor Andrew M. Cuomo announced today that his management demanded 35 online organizations cease and desist offering unlawful payday advances to New York customers. A comprehensive, ongoing ny state dept. of Financial solutions (DFS) investigation uncovered that people businesses had been offering payday advances to customers on the internet in breach of brand new York legislation, including some loans with annual rates of interest since high as 1,095 %. Governor Cuomo additionally announced today that Benjamin M. Lawsky, Superintendent of Financial Services, sent letters to 117 banking institutions in addition to NACHA, which administers the Automated Clearing House (ACH) system …