New York Lawmakers Say State Must Stop Enabling Predatory Loans
- Officials weighing changes to confessions of judgment statute
- Proposals are response to Bloomberg series on cash advances
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New York legislators are pledging to change laws that have allowed predatory lenders to use the state court system to seize the assets of thousands of small businesses across the country.
Brad Hoylman, incoming chairman of the Senate Judiciary Committee, called the current situation “alarming” and said he’d try to enact changes during next year’s legislative session.