New York S04129 mandates lending institutions to disclose interest rates and total loan costs in unsolicited mail-loan check solicitations.
New York S04129 amends the banking law to require lending institutions sending unsolicited mail-loan checks to clearly state the interest rate in the solicitation letter and provide a table showing the total loan cost over six months, one year, and three years. This aims to ensure transparency and help consumers understand the financial implications of such loans.
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