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Online Lending in New York State – Share Your Views, Comments and Stories

The New York State Department of Financial Services (the “Department”), in consultation with stakeholders, including online lenders, consumers and small businesses, is studying the practices, economic impact, and operations of online lending in New York State, and will be issuing a public report with recommendations to the state legislature by July 1, 2018.

The report will include, among other topics, information about online lenders operating in New York and their business practices, including lending practices, interest rates and costs charged, and consumer complaints and investigations about the industry.  The report will also include an analysis of the primary differences between online lending products and services and those of traditional lending institutions doing business in New York, the risks and benefits of the products offered, other forms of credit that would be available to such borrowers in the absence of online lending opportunities, the types and availability of credit products for individuals and businesses, and access to capital by consumers in New York State.

The Department is in the process of gathering information from various stakeholders and the public and would like to hear from you.  If you would like to share your views, comments or stories on any of these aspects of online lending, please send them to us through the following link by no later than May 24, 2018.

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Updated 04/24/2018

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