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A trade group representing online lenders suggested that New Yorks move was misguided because state 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 cash advance policy for employees 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.
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As they say, the devil is in the details. What about a vehicle that as been repo can that be wiped out if you still owe on it aren't able to make payments on. Jessica, your duty to pay the remaining balance on the car loan would be eliminated, but you wouldn't get your car back. I finished cash advance policy for employees bankrupcy meeting yesterday and had a creditor from a payday loan call.
I told them I already finished my bankrupcy and it should be discharged by July. I included them in the bankrupcy and the lady said because the contract stated I wouldnt file bankrupcy that I couldnt legally file against this and they would take me to court and win…. is this true. My lawyer never said anything about them being able to come after me. These loans were taken out in 2014. The payday lender lady was just plain lying.