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New Mexico delays rules on predatory lending

New Mexico delays rules on predatory lending

The Associated Press
November 29, 2017 02:30 PM

SANTA FE, N.M. (AP) - Full implementation has been delayed for a New Mexico law that protects against predatory lending by lowering maximum interests rates on small, short-term loans.

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New Mexico Financial Institutions Division Director Christopher Moya says detailed regulations are unlikely to be drafted until March or April, for a law that goes into effect Jan. 1.

Consumer advocates say detailed regulations are crucial to consumer protection provisions and enforcement of the state's overhaul of the small-loan industry.

Moya and colleagues at the Financial Institutions Division say the regulations have been delayed because of the unexpected workload associated with the collapse of a nonprofit trust for the disabled.

Moya said a cap on interest rates of 175 percent still goes into effect Jan. 1, along with other major provisions of the new law.

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The Associated Press

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