Posted at: 08/26/2014 9:51 AM
By: Elizabeth Reed, KOB.com
Photo: GNU Image
New Mexico customers of a national payday loan company may be eligible for a full refund of all payments, interest and fees, according to the state Attorney General's Office.
The refunds are the result of an enforcement action by the federal Consumer Financial Protection Bureau against ACE, one of the largest payday lenders in the nation, for pushing payday borrowers into a cycle of debt.
ACE is required to pay $5 million in refunds and a $5 million penalty for illegal debt collection tactics, according to the CFPB.
There are 17 ACE Cash Express stores located in New Mexico. Customers from March 7, 2011 through Sept. 12, 2012 can determine if they are eligible for a refund by calling (855)-411-2372 or at www.consumerfinance.gov.
ACE customers will also be contacted by a third-party settlement administrator about how to make a claim for a refund.