A trade group representing online lenders suggested that New Yorks move was misguided because state laws small personal loans clarksville tn insufficient to govern the global nature of the Internet. Rather than restricting consumer choice, state officials should be focused on finding a federal solution, said Peter Barden, spokesman for the Online Lenders Alliance, in a statement.
Other states have prosecuted individual online lenders. California sanctioned at least ten online lenders starting last year. Minnesotas attorney general has settled or won rulings against eight online payday lenders - most recently, an 8 million ruling in May against a company that operated without a state license. Last month, Virginia sued a different lender on similar grounds.
But New Yorks was the first public action against such a wide range of players in the online payday lending industry. It follows a strategy outlined this spring in a speech by the head of the federal financial fraud task force: Cutting off lenders access to the banking system.
42 imagine that. This same place sold a range rover lemon that broke down every month. They were aware and still wants their payment. That rover was bought from them around 2007. It's still not running and just decoration in my friend's driveway and they still want their payments for their lemon. Imagine that. Warning.
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