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Illegal Payday Loans
The New York State Banking Department and the State Consumer Protection Board are urging New Yorkers to report banks and other companies offering so-called "payday" loans that often bear illegally-high interest rates and fees.
The New York State Banking Department recently issued an advisory letter stating that banks and companies that offer payday loans in New York State may be in violation of the New York State Banking Law and the New York State Penal Code.
Typically, these loans are offered by out of state banks and companies that are not regulated by the Banking Department. However, as noted in the advisory letter, the Banking Department recently contacted an out of state company that had been offering payday loans in New York State and the company agreed to immediately cease taking applications in New York.
Payday loan companies make advances to individuals against their next paycheck. In return for the advance, the company typically charges a "fee" or interest. For example, for a fee of $35, a payday loan company might agree to make the borrower a two-week advance of $120.
In order to obtain the loan, the borrower would agree to write the company a check for $155 that the lender agrees to hold until the borrower's next payday. If the borrower does not have funds to cover the check, the payday loan company usually agrees to renew the loan, thereby resulting in additional fees for the borrower.
Banking Superintendent Elizabeth McCaul said, "Payday lenders typically charge high fees for their services. This type of loan is abusive and the lenders are preying on vulnerable consumers. We will continue to do all within our power to prevent such loans from being made in New York State."
State Consumer Protection Board Chairwoman Debra Martinez said, "There's no denying that people will, at times, need an immediate short-term loan. But there are laws in New York to protect people against exorbitant interest charges. Gov. Pataki has charged us and other state agencies with a clear mandate to protect consumers in every way possible."
The New York State Banking Department is the regulator for all State-chartered banking institutions, including seven of the State's ten largest banks, and virtually all of the U.S. offices of international banking institutions. The cumulative assets of companies and institutions supervised by the Banking Department exceed $1.9 trillion.
The Consumer Protection Board represents the interest of consumers throughout New York by intervening in utility and telephone proceedings before the state Public Service Commission (PSC); conducting investigations, research and analysis of issues affecting consumers; developing consumer education programs and materials; and responding to individual consumer complaints through voluntary settlement of disputes, whenever possible.
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