14 Apr CUOMO MANAGEMENT EXPANDS RESEARCH TOWARDS PROHIBITED ON LINE PAYDAY FINANCING AND RELATED CUSTOMER ABUSES
Governor Andrew M. Cuomo today announced that their management is expanding its efforts to guard New Yorkers from illegal, online lending that is payday related fraudulent tasks that damage customers. As an element of an substantial and ongoing research, the Department of Financial Services (DFS) delivered subpoenas to 16 online вЂlead generationвЂ™ firms suspected of deceptive or misleading advertising of unlawful, online pay day loans in nyc. DFS suspects that these organizations are putting consumers prone to punishment by gathering and offering their private information to unlawful online payday lenders as well as other organizations, including scam music artists, in breach of the latest York State legislation.
вЂњEarlier this present year, my administration established a study of online lenders that are payday and after this we have been expanding this research to safeguard New Yorkers from similar frauds that ensnare families in endless rounds of financial obligation,вЂќ Governor Cuomo said. вЂњWe continues to follow this research wherever it leads and make use of every device at our disposal to shield New Yorkers from those that look for to victim upon vulnerable customers.вЂќ
Benjamin M. Lawsky, Superintendent of Financial Services, said, вЂњPayday financing is unlawful in nyc and thus may be the misleading advertising of the illegal loans by lead generators. WhatвЂ™s worse is the fact that weвЂ™ve received complaints from New Yorkers about to generate leads companies associated with frauds, harassing calls, misleading marketing, and privacy breaches.