NY tries crackdown on online lenders

WSHU | By Charles Lane

Published August 6, 2013 at 5:37 PM EDT

New York Governor Andrew Cuomo has issued cease and desist orders to 35 online lenders who make short-term loans, also known as payday loans. Cuomo says the companies are breaking the state's usury laws by charging as much as 7000% interest.

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Charles Lane

Charles is senior reporter focusing on special projects. He has won numerous awards including an IRE award, three SPJ Public Service Awards, and a National Murrow. He was also a finalist for the Livingston Award for Young Journalists and Third Coast Director’s Choice Award.

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