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Industry Letters | Payday Loans.To the Institution or Organization Addressed

Industry Letters | Payday Loans.To the Institution or Organization Addressed

Since issuing an All Institutions letter payday that is regarding on June 29, 1999, the Banking Department happens to be conscious that banking institutions as well as other organizations are continuing to advertise and supply these loans in New York State. Pay day loans are generally made at usurious interest levels as described below.

As both a preventive measure and an effort to generate more information from consumers, our company is taking this possibility to once more explain the Banking Departments view of particular techniques pertaining to payday financing.

An entity must be either a bank or it must be licensed as a small loan company in order to make payday loans in New York. No entities certified by the Banking Department take part in this specific variety of company in ny. Nonetheless, away from state organizations are causeing the sort of loan.

Recently, this new York State Banking Department contacted one company, this is certainly neither a bank nor a licensed loan provider.