New payday laws for the state of nm (cash supply etc)

Most new laws only apply to loans made after that day, or any loan that renews after that date. If you stopped paying them before that date then it can get more complicated....

I got a quick message saying "it states it ammends the law written in 1955"

So I figured I'd clarify.

I experienced a change of laws in Oregon myself. And with a new law, it usually starts taking place on the day it become effective. What that meant for me, was I had a loan I took out before July 1 (which was the law change date in Oregon), but when it rolled over on July 3rd, it meant that it would have to follow the new laws after that. Since this PDL I had was operating legally, I had to pay them. However they neglected the law change of 36%, and my next payment was for the full amount plus fees. Well with that new rate, the fees tacked on would have been much much lower (like $12 instead of $90+).

Eventually I got them to just settle for the principal because of their oversight of the new law, they were being nice to me.

So what it means for people with PDLs in New Mexico, that if you've already defaulted on a legally operating PDL before 1 November, you probably can't use the new laws... If it has rolled over or you got it after the 1st, then use the new laws to your advantage (like me above get them to settle, or at least you won't have to pay as much in the end)

Of course, I'm just assuming this based on experience, you will want to look at the wording of the law and see if there is anything that states that it applies to loans gotten before the 1st of November (I'm guessing that it does not).

Good points Poko...as you stated, probably not retroactive unless it specifies a date as such.

The new law makes clear that it does not apply to loans made before November 1st. But here's an interesting point I found in the law. You only get the protection if you are defined as a consumer, and you are only a consumer if you received the money in New Mexico. I take it the legislature was looking to protect New Mexico residents but wasn't looking at New Mexico lenders that make loans over the internet.

So a legal PDL can start itself up in New Mexico and follow the rules, but then operate illegally to anyone else that applies outside of New Mexico.

Well I see how a state wants to protect it's people, but you are right, the states need to do something about companies operating within the state. Unfortunately many of them are operating totally illegally and out of the country!