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15

Cuomo Assails Predatory Lending Tactic That Uses N.Y. Courts

By Tony Seruga

Andrew Cuomo Photographer: Peter Foley/Bloomberg

Governor seeks to curb abuse of confessions of judgment
Will propose legislation aimed at cash-advance industry

New York Governor Andrew Cuomo is seeking to end his state’s role as the nation’s collections department for predatory loans to small businesses.

Cuomo plans to submit legislation to curtail the use of confessions of judgment, he said Tuesday in his annual message to the state legislature. Confessions are legal instruments that allow lenders to seize the assets of borrowers without notice or a court hearing…

Cuomo Assails Predatory Lending Tactic That Uses N.Y. Courts

Categories : Private Equity

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