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September 22, 2005

Payday Loans - More Unfavorable Actions Ahead in New Mexico

A war against the payday loans is on again in New Mexico but this time Lt. Gov. Diane Denish has a backing by Attorney General Patricia Madrid who's considering using the Unfair Trade Practices Act to regulate payday loans in the state. Auto title lenders will be affected as well. Attorney General's proposals would put a cap on payday and car title loans at 54 percent APR - this would limit payday lending to the same interest rate that is allowed for pawnbrokers. The proposal will be discussed in the early 2006.

"We have only one goal: To get rid of bad actors in the lending industry.", Denish says. Read full story at payday lending in New Mexico.

Posted in Payday Loans at September 22, 2005 05:43 PM

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