Archives: Kansas payday loans

Governor Cuomo Announces Department of Financial Services Notifies loan companies to not ever Seek Collection on Illegal payday advances

Governor Andrew M. Cuomo announced that the New York State Department of Financial Services has sent letters to all debt collectors in New York stating that it is illegal to attempt to collect a debt on a payday loan since such loans are illegal in New York today. Payday advances are short-term loans, typically an advance on a paycheck, with exceptionally high interest levels that violate brand brand brand New York’s criminal usury legislation, which limits interest to 25 %. Continue reading

Big bucks behind payday advances. Veteran state legislators, such as for instance Lubbock’s Sen.

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Robert Duncan and Amarillo’s Rep. John Smithee, state often it will take years to pass through legislation that is comprehensive.

Bills targeted at managing the alleged payday lending industry – the financial institutions that fee excessive rates of interest to borrowers whom cannot repay their loans on time – will be the example that is typical.

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