New York State Law on Payday Loans

You should be able to find NY State info here:

Link: http://www.paydayloaninfo.org/

Hi thanks. I've read the info and it's not too clear. I just really wanted a "yes" it is legal or "no" it is illegal for any resident of NYS to receive a payday loan from out of state. Thanks again.

No, it isn't legal. NY is one of the state's which is cracking down on these ipdls. I know OH is closely watching state's like these and the actions they are taking against these ipdls.

Put a complaint with the Dept of Corp about the loan company. No IPDL companies are legally allowed to do business in the borrower's state unless they have a valid license. Send a copy to the AG of your state as well as their state.

What company is it?

Put a complaint with the Dept of Corp about the loan company. No IPDL companies are legally allowed to do business in the borrower's state unless they have a valid license. Send a copy to the AG of your state as well as their state.

What company is it?

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Hi again. Who is the Dept of Corp? Oh they ARE allowed to do busines then?? I thought it was illegal PERIOD in NYS.

My loans are through:
Rio/MTE/Paychecktoday
EZPaydaycash
HBS Services/Cash2day4u
my cash now
1800899cash

This is the link to your state's pdl laws, at the bottom of the page it will also give you links on who to file complaints with in your state. Also, file a complaint with your Attorney General's office.

http://www.paydayloaninfo.org/state_detail.cfm?id=NY

I have filed with AG of NYS. The link that you provided to me is...how do I say it without sound stupid....ummm...unclear?

It says that it is "Prohibited" but under the Citation it says they can do it with a license and that the rate that applies is by contract. Then it says that the cap is 25%. To me that is three different things

1) Payday Loans are Prohibited in NYS
2) Payday loans are not prohibited but can do it with a license
3) Customer must pay interest agreed to by contract.
4) Interest cap is 25%

HUH???

Any type of payday loan or cash advance is illegal in New York State. Governor Pataki made that a priority when he was in office. contact AG of NYS and let them know of these companies that you have PDLs with. Technically, since they are illegal your PDLs are null and void.

can these pay loans be taken out of your pay check. in n.y.

well if you are talking about being debited.as long as they have ypur bank info yes.however if you are asking about garnishing.not without a court order and they need to sue you in your bourough to get the order.most unlikely.

can they take out from your pay check in n.y

Well, yes that in order to take out anything they'd first need to obtain a judgment against you. The court has to guide regarding the sources of such a garnishment and also mention to what extent it should be done.

You forgot the more important part...

The maximum rate of interest permissible under these provisions is sixteen percent (16 %) per annum. Usurious contracts for a higher rate of interest are void pursuant to Section 5-511 of the General Obligations Law.

The 25 percent is where it is criminal. In NY the maximum legal interest is actually 16!