New Mexico proposes new rules to rein in predatory lending | KOB 4
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New Mexico proposes new rules to rein in predatory lending

New Mexico proposes new rules to rein in predatory lending

The Associated Press
February 28, 2018 01:17 PM

SANTA FE, N.M. (AP) - New Mexico officials who oversee the storefront loan industry have published proposed rules designed to bolster consumer protections and discourage predatory lending.

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Consumer groups announced Wednesday that the New Mexico Financial Institutions Division is seeking public comment on companion regulations to a law that caps interest rates at an annual 175 percent. A hearing takes place April 3.

The interest cap was approved by lawmakers and Gov. Susana Martinez last year and went into effect Jan. 1.

Center on Law and Poverty Staff Attorney Lindsay Cutler says the proposed rules are a good start toward more robust disclosure of loan terms by both storefront lending business and their online counterparts.

State regulators still are deciding how to fully implement broader consumer protections under the law.

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The Associated Press

Copyright 2018 The Associated Press. All rights reserved.

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