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KEEP USURIOUS LENDING OUT OF NEW YORK STATE!

A growing number of check cashers, banks and other entities are seeking to make usurious small-dollar loans in New York State.  These loans are currently banned in New York, thanks to our state's criminal usury cap of 25%.  Not surprisingly, check cashers and payday lenders want to get around our strong usury laws and make these predatory loans to already struggling New Yorkers. 

NYS BILL WOULD ALLOW CHECK CASHERS TO MAKE USURIOUS LOANS
The "Short-Term Financial Services Loan Act" (S.3999-A / A.1113-A), designed by the check casher industry, would specifically allow check cashers to evade New York State's 25% interest rate cap.  The bill would open the door to payday lenders in New York and wreak havoc in already economically distressed communities throughout the state.

New Yorkers for Responsible Lending, a coalition of 160 organizations throughout the state, is calling on the NYS legislature to withdraw this dangerous bill.  Instead of rolling back critically needed consumer protections, the legislature should affirmatively support community development financial institutions and other lenders that meet community credit needs in a responsible manner.

READ MORE!

Opposition to the NYS Check Casher Bill S.3999-A / A.1113-A (previously S.3841 / A.7047):

Promoting Responsible Lending:

Media Coverage:

Additional Resources:

 
New Economy Project | 176 Grand Street, Suite 300 | New York, NY | 10013 | Telephone: (212) 680-5100 | Fax: (212) 680-5104