NY reports settlements with medical lenders
ALBANY, N.Y. (AP) — New York's attorney general has announced settlements with four out-of-state companies to end investigations into high-interest medical loans.
Attorney General Eric Schneiderman says the companies were accused of financing consumers' elective medical and surgical procedures with interest rates up to 55 percent.
They include MyMedicalloan.com, doing business as Surgeryloan.com, and Duvera Billing Services LLC, both based in California.
The others are Highlands Premier Acceptance Corp. in Colorado and Paramount Capital Group Inc. in Pennsylvania.
According to the attorney general, the companies have agreed to recast the so-called retail installment obligations at the legal interest rate in New York of no more than 16 percent and will provide about $230,000 in repayments or credits to more than 317 New Yorkers, most from New York City, Westchester and Long Island.