By taking aggressive action on payday loans in New York, this state is sending the right message about these short-term high-interest loan companies.
That message is that these loans are illegal in New York and those companies that are still doing business in New York State better cease all activity or pay the price.
This message has been sent out by New York financial regulators in the form of subpoenas to 16 online firms that are suspected of either doing business or lead generating in this state.
Out Of Control Payday Loan Debt?
Lead Generating Companies
Complaints have been coming in on companies that are generating leads and selling peoples information to payday loan companies that are doing business in N. Y. Illegally.
Financial Services Superintendent Benjamin Lawsky has been collecting them and has decided it is time to take action.
Not only did they send out the subpoenas they also sent out notices to 35 companies who have been giving payday loan online to stop all activity. To date 33 have complied.
A twist on this is that they have also sent out notices to all debt collectors to stop collecting payday loan payments.
Go New York
It is nice to see a state going full tilt on tackling out of control payday loan debt. By banning these loans they are doing the residents of this state a huge service.
As more and more states make these loans illegal we are going to see which elected public officials are for the people and which ones are not.
It is looking good in New York. All aspects of government are taking on the challenge of wiping these things out.
Let us Help
If you have out of control payday loan debt we can help! As long as people are in need of getting rid of this kind of debt, we will be here to lend a hand!
Give us a call toll free at 1.877.280.5100 or fill out our form at the top right of this page for a free no obligation quote on how we can help you.
How is your state doing on these issues?
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