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N.Y. Attorney General Settles With Some Payday Loan Companies

New York Attorney General Eric Schneiderman has agreed to a settlement with five payday loan companies accused of violating state usury and licensed lender laws by charging more than the maximum 16 percent interest rate allowed for most lenders not licensed by the state.

Schneiderman says $279,606 in restitution and $29,606 in penalties will be paid by V&R Recovery DBA Alexander & Stefano, RJA Capital Inc., Westwood Asset Management LLC, Erie Mitigation Group LLC, and Northern Resolution Group LLC, and none of the firms is allowed to collect on payday loans given to New York borrowers. Additionally, one of the companies was ordered to reverse 8,550 negative credit reports and banned from collecting on $3.2 million in payday loans.