Governor Andrew M. Cuomo today announced that their Administration 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 punishment by collecting and attempting to sell their private information to unlawful online payday lenders as well as other businesses, including scam musicians, in breach of brand new York State legislation.
Early in the day in 2010, my management established a study of online payday lenders, and today 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 shall continue steadily to follow this research anywhere it leads and make use of every device at our disposal to shield New Yorkers from people who look for to victim upon vulnerable customers.