NY AG alleges two wage access providers made illegal loans [Yahoo! Finance]
MoneyLion Inc. Class A (ML)
Company Research
Source: Yahoo! Finance
The New York Attorney General is suing two earned wage access providers, DailyPay and MoneyLion Technologies, alleging they made “ illegal, high-interest loans ” to tens of thousands of workers with fees that “amount to outrageous annual interest rates in the triple digits.” T he lawsuits alleges that the companies practices “constitute illegal and deceptive conduct and abusive lending practices” that violate New York usury laws. The state is seeking to end the companies' lending practices in New York and obtain restitution for customers, along with civil penalties. DailyPay filed a federal lawsuit last week against AG Letitia James, seeking to block the state's action. On Monday, DailyPay referred to its April 7 press release ahead of the New York lawsuit, in which it said it looks forward to showing in court that its on-demand pay product is not a loan. MoneyLion did not respond to a message seeking comment. The Attorney General filed the lawsuits separately on Monday in stat
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