ALBUQUERQUE, N.M. (AP) вЂ” It took years for brand new Mexico lawmakers to reach consensus on finally overhauling the storefront financing market by capping rates of interest. But state regulators have actually yet to finalize the guidelines required underneath the brand new legislation to bolster customer defenses and enforcement.
A panel of lawmakers heard from customer advocates this week that are pressing for the laws become completed as well as loopholes to be closed.
An interim committee that is legislative a quality Monday asking regulators to report how theyвЂ™re enforcing what the law states. That report arrives later on in 2010.
The Regulation and Licensing DepartmentвЂ™s banking institutions Division has gotten four complaints against licensed small-loan loan providers since January, once the legislation took impact.