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 V.15 No.37 | September 14 - 20, 2006 

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Payday Away

Don't bank on regulations for payday lending just yet

The payday loan industry in New Mexico remains nearly unregulated, but not for lack of trying on the part of Gov. Bill Richardson and Attorney General Patricia Madrid. In late June, the Regulation and Licensing Department ended the public comment period for proposed regulations designed to limit fees, end interest and give payback options to payday loan consumers [RE: Newscity, "Money in the Bank?" June 29-July 5].

After the public comment period ended, the regulations were revised and set to take effect on Aug. 31 but now sit idle due to a preliminary injunction granted by a state district judge. The injunction, which bars the regulations from being enforced until further litigation, was granted on Aug. 30 in response to two separate lawsuits filed by Check ’n Go and Fast Bucks, national payday loan companies with stores in New Mexico.

Regulation and Licensing Superintendent Edward J. Lopez, Jr. says the department will respect the injunction. "We strongly believe the Legislature, in the Small Loans Act, gave the Regulation and Licensing Department the authority to draft these regulations and implement them," he says. Lopez says they will appeal the decision as soon as possible.

Public Comments (1)
  • Most people are well aware that money ....  [ Tue Dec 16 2008 1:24 AM ]

    Most people are well aware that money does not grow on trees, this means that generally you are going to have to spend a significant amount of time working on your budget in order to create a spending plan that you can actually live with successfully. I wonder how people get desperate and do stupid things for money when your budget fails and disaster strikes. Some have a sense of dignity and responsibility can check out good options, like a payday loan, but apparently that isn't enough for some people. December 4th, a Thursday, was the scene of one the largest jewelry robberies in history. Four armed thieves stormed the Paris Harry Winston Jewelry store, and quickly made off with an unprecedented amount of merchandise. The thieves made off with €85 million, or $108 million, in jewelry and watches in a matter of minutes. Three of the four wore women's clothing as disguises, and apparently had done their research, because they knew the names of store employees. The store is one of the premier locations for perhaps the highest end of high end jewelers, and was the scene of a robbery almost one year previous to the one that just occurred, although significantly less merchandise was stolen at that time. Authorities believe it won't be possible to move the merchandise through normal outlets, and will likely be sold on the black market as the attention the robbery has gotten is too great. The rest of us won't be contemplating something as odious as robbery to cover a sudden gap in our finances – we can look into other things, such as payday loans. Click to read more on payday loans

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