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Debt Collector Settles with State on Payday Loans

(AP) — New York’s attorney general has announced a settlement with Forster & Garbus, a Long island-based debt collection firm, to ensure it doesn’t file court claims against New Yorkers to collect on so-called payday loans for small amounts at high interest rates.

State officials say such loans are illegal in New York, where the top legal interest rate is 16% for most lenders not licensed by the state.

Attorney General Eric Schneiderman says a company called NCEP, LLC placed consumer debts with Forster & Garbus for collection that included payday loans.

Under the agreement, the firm may not file to collect against a New Yorker without obtaining a copy of the loan document and determining it’s not a payday loan.

It will also pay $10,000 in costs and penalties.

©Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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