New Mexico still hashing out new rules for payday loans
July 03, 2018 03:27 PM
ALBUQUERQUE, N.M. (AP) - It took years for New Mexico lawmakers to agree to overhaul the storefront lending marketplace by capping interest rates, and state regulators have yet to finalize the rules needed under the new law to bolster consumer protections and enforcement.
A panel of lawmakers heard from consumer advocates this week who are pushing for the regulations to be finished and for loopholes to be closed.
An interim legislative committee passed a resolution Monday asking regulators to report on how they're enforcing the law. That report is due later this year.
The Regulation and Licensing Department's Financial Institutions Division confirmed it has received four complaints against licensed small-loan lenders since January, when the law took effect.
The agency didn't release details about those cases, saying only that it thoroughly investigates all complaints.
Created: July 03, 2018 03:27 PM
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