Governor Andrew M. Cuomo today announced that his management is expanding its efforts to guard New Yorkers from unlawful, online payday lending and related fraudulent activities that damage 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 businesses are putting customers prone to punishment by gathering and attempting to sell their information that is personal to unlawful online payday lenders as well as other businesses, including scam designers, in breach of brand new York State legislation.
Benjamin M. Lawsky, Superintendent of Financial Services, said, Payday financing is unlawful in ny so may be the marketing that is deceptive of unlawful loans by lead generators. Whats worse is the fact that weve received complaints from New Yorkers about to generate leads companies associated with frauds, harassing telephone calls, misleading marketing, and privacy breaches. (more…)