The Latest: New Mexico delays rules on predatory lending
SANTA FE, N.M. (AP) — The Latest on New Mexico's efforts to eliminate predatory small loans (all times local):
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1:50 p.m.
Full implementation has been delayed for a New Mexico law that protects against predatory lending by lowering maximum interests rates on small, short-term loans.
New Mexico Financial Institutions Division Director Christopher Moya says detailed regulations are unlikely to be drafted until March or April, for a law that goes into effect Jan. 1.
Consumer advocates say detailed regulations are crucial to consumer protection provisions and enforcement of the state's overhaul of the small-loan industry.