New Mexico’s attorney general is going after installment loan lenders.
Payday loans by New Mexico State Law can charge $15.50 per $100, but there are no rollovers and a 10-day cooling off period. The law did not address loans longer than 35 days.
A spokesman for Attorney General Gary King said:
“We’re more interested in these type of companies not doing this again than we are trying to get money out of them.”
You can read more in the Daily Times.