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State settles lawsuit with Internet lenders
The Associated Press//May 21, 2014//
ALBANY (AP) — State Attorney General Eric Schneiderman said New Yorkers charged illegally high interest rates by three Internet lenders his office sued last year can file refund claims.
The lawsuit claimed Western Sky Financial LLC, CashCall Inc. and WS Funding LLC and their owners charged annual interest rates for personal loans at rates ranging from 89 percent to more than 355 percent.
New York law sets the maximum rate at 16 percent. The companies are in South Dakota and California.
According to the attorney general’s office, about 11,000 loans for more than $20 million could be refunded under the agreement signed Jan. 31.
Many borrowers have already received loan modifications and the companies paid $1.5 million in penalties.
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