Business | Law

New York tells Indian Country payday firms to stop business

The state of New York is telling payday lenders in Indian Country to stop doing business with consumers in the state.

Gov. Andrew Cuomo (D) says the firms are offering loans with interest rates that are illegal in the state. “Illegal payday lenders swoop in and prey on struggling families when they’re at their most vulnerable – hitting them with sky-high interests rates and hidden fees,” the governor said in a press release.

The state sent cease and desist letters to 35 online lenders, including several that are chartered by tribes or owned by individual tribal members.

Get the Story:
DealBook: New York Tells Online Lenders to Abide by State’s Interest Rate Cap (The New York Times 8/5)

Related Stories:
FTC claims victory over payday lenders chartered by tribes (07/23)

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