Monthly Archives: February 2018

New Mexico releases new rules for payday loans; But you can still be charged up to 175% interest

February 28, 2018 Embroidery business Comments Off on New Mexico releases new rules for payday loans; But you can still be charged up to 175% interest

Commentary: ALBUQUERQUE, NM – This week, the New Mexico Financial Institutions Division (FID) issued a highly anticipated statement settling a law that imposed a 175% interest rate cap on small loans. In addition to capping the small dollar loan APR, the law (HB 347) that was passed in the 2017 …

Read More »

New Mexico releases new rules for payday loans; But you can still be charged up to 175% interest

February 28, 2018 Embroidery business Comments Off on New Mexico releases new rules for payday loans; But you can still be charged up to 175% interest

Commentary: ALBUQUERQUE, NM – This week, the New Mexico Financial Institutions Division (FID) issued a highly anticipated statement regulation of a law that imposed a 175% cap on the interest rate on small loans. In addition to capping the small dollar loan APR, the law (HB 347) that was passed …

Read More »