NY attorney general gets payback on payday advances Monday five companies that have been collecting on illegal "payday" loans will pay more than $300,000 in restitution and penalties to the state and consumers under a settlement announced by Attorney General Eric Schneiderman. The four business collection agencies agencies and something debt-buying company are banned because of the settlement from gathering regarding the loans, which violate state legislation due to their excessive rates of interest. The debt-buying company, Northern Resolution band of Amherst, will also reverse 8,550 negative reports about nyc borrowers so it built to credit rating bureaus. "Payday lenders structure loans ...