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Bill to impose 36% rate cap passes New Mexico House and Senate

CFPB Monitor

The New Mexico House and Senate have both passed House Bill 132 which would create a 36% annual percentage rate (APR) cap on loans up to $10,000 made under the New Mexico Bank Installment Loan Act of 1959 (BILA) and the New Mexico Small Loan Act (SLA).

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Nevada and New Mexico State Medical Debt Collections Laws to Take Effect July 1, 2021

CFPB Monitor

State legislatures in New Mexico and Nevada enacted laws this session targeting medical debt collections. New Mexico Patients Debt Collection Practices Act . The New Mexico Patients Debt Collection Practices Act places a number of requirements on health care facilities and debt collectors and buyers.

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One SME Lender’s Take On Regulation And Transparency

PYMNTS

That focus provides insights into the direct link between lenders, their SME borrowers and the communities in which those businesses operate. But Clearinghouse CDFI can also offer interesting insight into the state of regulation of small business lending and how greater oversight may impact the SMEs that prop up their local communities.

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Young Consumers Love to “Buy Now, Pay Later” – Here’s What to Know About the Explosive Fintech Trend

Perficient

Since Square purchased Afterpay, customers can get an Afterpay card to use with participating retailers that operate with Square, which lets customers use Afterpay for in-store purchases. Pay in 4 is not currently available for residents of Missouri, New Mexico, North Dakota, South Dakota, Wisconsin, or any US Territories.

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