Payday Loan News - New Mexico
Date: Thu, 11/01/2007 - 16:02
[quote]October 31, 2007
Tomorrow Brings Tough Payday Loan Laws to NM
New Mexico, formerly one of the most permissive states in the nation for payday loans and their providers, is set to roll out a comprehensive new set of fast cash loan regulations tomorrow. November 1st will be the kick-off for what has been called “some of the toughest and most pro-consumer†cash advance legislation in the United States. With the embattled consumer personal loans in legal limbo in many states across the nation, experts are wondering if harsh restriction will not end up becoming the new trend in faxless payday loan lawmaking.
No longer will the providers of fast cash loans be allowed to renew or rollover their loans to consumers, a practice that has long been derided as predatory. Payday loan borrowers having trouble repaying their obligations will be enrolled in mandatory one hundred thirty-day payments plans. Formerly, the inflexibility of cash advance repayment was one of its strongest detractions in the eyes of critics. Consumers must abide by a ten-day “cooling off period†between consecutive short-term, high-interest personal loans, and may not accept loans for more than a quarter of their gross monthly income. Furthermore, the providers of payday loans –often painted as usurers and loan sharks- must prominently display loan rates and terms via highly-conspicuous signage, and must provide all customer information in Spanish, as well as English.
The new payday loan law is the cumulative effort of three consecutive meetings of the General Assembly, and the combined efforts of the Governor, a bipartisan coalition of state legislators, and a plethora of pro-consumer, anti-cash advance advocacy groups. Fast cash loan merchants will be obliged to comply, thanks to the creation of a new state database that logs all payday loan activity in New Mexico.[/quote]
Tomorrow Brings Tough Payday Loan Laws to NM
New Mexico, formerly one of the most permissive states in the nation for payday loans and their providers, is set to roll out a comprehensive new set of fast cash loan regulations tomorrow. November 1st will be the kick-off for what has been called “some of the toughest and most pro-consumer†cash advance legislation in the United States. With the embattled consumer personal loans in legal limbo in many states across the nation, experts are wondering if harsh restriction will not end up becoming the new trend in faxless payday loan lawmaking.
No longer will the providers of fast cash loans be allowed to renew or rollover their loans to consumers, a practice that has long been derided as predatory. Payday loan borrowers having trouble repaying their obligations will be enrolled in mandatory one hundred thirty-day payments plans. Formerly, the inflexibility of cash advance repayment was one of its strongest detractions in the eyes of critics. Consumers must abide by a ten-day “cooling off period†between consecutive short-term, high-interest personal loans, and may not accept loans for more than a quarter of their gross monthly income. Furthermore, the providers of payday loans –often painted as usurers and loan sharks- must prominently display loan rates and terms via highly-conspicuous signage, and must provide all customer information in Spanish, as well as English.
The new payday loan law is the cumulative effort of three consecutive meetings of the General Assembly, and the combined efforts of the Governor, a bipartisan coalition of state legislators, and a plethora of pro-consumer, anti-cash advance advocacy groups. Fast cash loan merchants will be obliged to comply, thanks to the creation of a new state database that logs all payday loan activity in New Mexico.[/quote]
Terrific.....csn we send that to every state as a model???
Terrific.....csn we send that to every state as a model???
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YES! :D I just gave my dogs a heart attack from screaming YES out loud! New Mexico sucked! YES! Oh, this is wonderful. Now, if all states would do this.... Thank you,goudah!!! All I can say is YES!
Good for New Mexico! Let's hope many states will follow that exa
Good for New Mexico! Let's hope many states will follow that example!!!
I really think this is great. I feel the biggest problem with p
I really think this is great. I feel the biggest problem with payday loans is the payment terms, and having a mandatory 130 day payment plan is a wonderful thing. That is what is lacking in other state's that have taken on payday loans.
