On January 1, 2023, House Bill 132 went into effect enacting a 36% annual percentage rate (APR) cap on loans up to $10,000 made under the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act (SLA)....more
Earlier this month, the CFPB issued a proposal to clarify the application of the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)) to transactions in which credit insurance premiums are...more
The CFPB’s proposed changes to the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)) fall short of industry expectations that the CFPB would clarify that level and levelized premiums are...more