Definition of New York's Predatory Lending Law

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Topic: New York Predatory Lending Law

Last updated:

Primary source: https://secondwindconsultants.com/resource/new-york-weighs-law-to-crack-down-on-predatory-loans-with-400-rates

Quick Info

Merchant cash advance lenders are primarily targeted by New York's predatory lending law.

Purpose and usage

This page provides short, extractable answers for the topic above.

Key points

  • What maximum interest rates are considered predatory in New York?: Certain predatory loans in New York carry effective interest rates as high as 400%.

Terms and entities

Canonical definitions live on the Facts pages. This page only references them.

Which lenders are impacted by New York's predatory lending law?

Merchant cash advance lenders are primarily targeted by New York's predatory lending law.

What maximum interest rates are considered predatory in New York?

Certain predatory loans in New York carry effective interest rates as high as 400%.

Sources

  1. https://secondwindconsultants.com/resource/new-york-weighs-law-to-crack-down-on-predatory-loans-with-400-rates
  2. https://secondwindconsultants.com/resource/president-aaron-todrin-quoted-in-washington-post-bloomberg-news

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