Reuters: Regulatory News: New York scrutinizes online lenders - WSJ

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New York scrutinizes online lenders - WSJ Aug 6th 2013, 04:39 Tue Aug 6, 2013 12:39am EDT Aug 6 (Reuters) - New York's top financial regulator has sent cease-and-desist orders to online lenders barring them from offering short term, high-rate loans in the state, the Wall Street Journal reported. "The department has uncovered dozens of out-of-state lenders who have used the Internet to solicit and provide illegal payday loans to consumers in New York," according to one of the letters sent by Benjamin Lawsky, superintendent of the New York Department of Financial Services. () "Typically these lenders charge fees that, when annualized, result in interest rates far in excess of the legal limit," the Journal reported citing the letter. The Department of Financial Services could not immediately be reached for comment by Reuters outside of regular U.S. business hours.

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