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Brand Brand New Mexico Problems New Rules For Pay Day Loans

This week, the brand new Mexico banking institutions Division (FID) released extremely expected laws on a legislation which imposed a 175% rate of interest limit on tiny loans. Along with capping small-dollar loan APR, what the law states (HB 347) which passed through the 2017 brand new Mexico legislative session, helps to ensure that borrowers […]

CFPB Takes Aim at Cash Advance Debt Traps

For 2 years, the pay day loan industry has preyed on low-income employees by providing short-term loans with sky-high rates of interest and charges. Now the Consumer that is five-year-old Financial Bureau is using the very very first major actions to suppress the sector’s predatory methods. Beneath the proposed laws announced this week, payday loan […]