New Mexico regulators work on new rules for payday loans
ALBUQUERQUE, N.M. (AP) — It took years for New Mexico lawmakers to finally reach consensus on overhauling the storefront lending marketplace by capping interest rates. But 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 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 but said each complaint is thoroughly investigated.
Read more: https://www.rdrnews.com/2018/07/03/new-mexico-regulators-work-on-new-rules-for-payday-loans/