By Shawn Lee Martin
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.
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By Shawn Martin
It is nice to see some states take a stand against companies who take advantage of people.
I am happy to report that there are no more payday loans in New York.
Any payday loan activity that takes place in this state now will be illegal, and subject to strict enforcement from New York Attorney General Eric Schneiderman.
Mr. Schneiderman announced today that the state of New York has settled with five payday loan companies who were charged with breaking the usury and licensed lending laws.
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