New Mexico installment lenders under fire

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.

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