Governor Cuomo and the state Department of Financial Services have found another way to battle against payday loans, the short-term, high-interest loans that are already illegal in New York. In a Feb. 22 letter sent to all debt collectors operating in New York, DFS Superintendent Benjamin M. Lawsky told them that they are not allowed to try to collect on a payday loan in New York. The letter was announced and made public in a release from the DFS.
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