New Mexico A.G. Proposes Strict Payday Loan Regulations

Historical archive, first published 2005 — payday-lending laws and rates have changed since. Preserved for the record.

Clovis, NM — The New Mexico attorney general's office is concerned about the lending practices of payday loan companies and is proposing stricter regulations.

The office hosted a meeting on Wednesday at the Clovis-Carver Public Library to discuss proposed regulations. These regulations included eliminating 14 or 30 day loans and a cap on interest (set to 54%) and services.