- Associated Press - Tuesday, July 7, 2015

ALBANY, N.Y. (AP) - New York state has taken steps to stop lenders from giving high-interest loans to service members.

Gov. Andrew Cuomo said Monday that his administration will subject all loans to military personal to the same state regulations already governing other loans.

A longstanding exception to state lending rules had allowed lenders to offer loans with interest rates of up to 36 percent to service members stationed in New York who weren’t permanent residents.

Now, the state Department of Financial Services intends to apply the same regulations to all military loans - whether or not the service member is a permanent resident. State rules cap interest rates at 16 percent, or at 25 percent for certain loan products.

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