- Associated Press - Thursday, May 19, 2016

ALBANY, N.Y. (AP) - Financial regulators say two debt buyers have agreed to stop collecting illegal payday loans in New York under consent orders expected to result in $3 million in restitution.

The Department of Financial Services says the orders apply to National Credit Adjusters LLC and Webcollex LLC, doing business as CKS.

Regulators say National Credit Adjusters will discharge more than $2.26 million in payday loan debts and provide refunds of $724,577 to more than 3,000 New Yorkers.

They say CKS will issue $66,129 in refunds to the 52 New Yorkers and discharge $52,941 in debt to 106 New Yorkers.

Payday loans are typically advances on a borrower’s next paycheck. They generally carry interest rates far greater than the civil and criminal limits of 16 percent and 25 percent in New York.

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