Cease and Desist Providing Prohibited Online Pay Day Loans That Damage Brand New York Customers Governor Andrew M. Cuomo announced today that their management demanded 35 online organizations cease and desist offering unlawful payday advances to ny customers. An extensive, ongoing Nyc State Department of Financial solutions (DFS) investigation uncovered that people organizations had been providing payday advances to customers on the internet in breach of the latest York legislation, including some loans with yearly interest levels up to 1,095 per cent. Governor Cuomo additionally announced today that Benjamin M. Lawsky, Superintendent of Financial Services, sent letters to 117 banking institutions in addition to NACHA, which administers the Automated Clearing House (ACH) network and whoever board includes representatives from a quantity of these banking institutions asking for
