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Laws on tiny loans legislation usually do not protect borrowers adequately

Laws on tiny loans legislation usually do not protect borrowers adequately

The finance institutions Division issued regulations implementing a state law that caps interest rates on storefront loans today.

ALBUQUERQUE— The FID made almost no changes to your minimal laws it proposed previously in 2010, despite the fact that New Mexicans overwhelmingly asked their state to enhance enforcement by gathering data on the industry, shutting loan renewal loopholes, and needing loan providers to reveal the real expenses of loans to borrowers also to make those disclosures into the language a borrower knows. Continue reading

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