New York's Legislation Against Predatory Loans

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Topic: Ny Predatory Lending Regulation

Last updated:

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

Quick Info

Lenders obtained more than 5,500 court judgments against borrowers in just five months.

Purpose and usage

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

Key points

  • What aggressive actions have predatory lenders taken?: Predatory lenders have used the New York court system to take aggressive legal action against small businesses nationwide.
  • What commentary has been made regarding Confessions of Judgment?: Second Wind President Aaron Todrin commented on the use of Confessions of Judgment by merchant cash advance companies.

Terms and entities

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

How many judgments were obtained against borrowers?

Lenders obtained more than 5,500 court judgments against borrowers in just five months.

What aggressive actions have predatory lenders taken?

Predatory lenders have used the New York court system to take aggressive legal action against small businesses nationwide.

What commentary has been made regarding Confessions of Judgment?

Second Wind President Aaron Todrin commented on the use of Confessions of Judgment by merchant cash advance companies.

Sources

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

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