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New York's top financial regulator on Tuesday ordered 35 discover personal loans application status payday lenders to stop offering loans there that violate state laws capping annual interest rates at 16 percent.
The state also sent letters to 117 banks, asking them to help cut off payday lenders from the global network used by banks to send money and collect payments. A trade group representing online lenders suggested that New Yorks move was misguided because instant unsecured personal loans laws are 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 Instant unsecured personal loans Yorks was the first public action against such a wide range of players in the online payday lending industry.