ALBANY, N.Y. (AP) — New York’s attorney general has announced a settlement with Forster & Garbus, a Long island-based debt collection firm, to ensure it doesn’t file court claims against New Yorkers to collect on so-called payday loans for small amounts at high interest rates.

State officials say such loans are illegal in New York, where the top legal interest rate is 16 percent for most lenders not licensed by the state.

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