Payday Loan Company to Pay Up

By Ny Lynn Nichols

Published 08/28 2014 12:14PM

Updated 08/28 2014 12:15PM

SANTA FE -- New Mexico's Attorney General says ACE Cash Express customers may be eligible for a refund.

Gary King says there are 17 of the payday loan company locations in New Mexico.

The refunds are because of federal Consumer Financial Protection Bureau actions against ACE. They say they push payday borrowers into a cycle of debt.

King's office says the CFPB found ACE collected debt illegally, including harassing customers and false threats of lawsuits.

ACE is required to pay $5 million in refunds and a $5 million penalty.

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