Regulatory Alerts2021-02-09
State of New Mexico Financial Institutions Division Final Order Revoking Small Loan Licenses for Enchanted Properties LLC D/B/A Cash Corral
The New Mexico Financial Institutions Division revoked the small loan licenses of Enchanted Properties LLC d/b/a Cash Corral for operating in Tucumcari and Grants due to repeated statutory violations. The regulator found the company intentionally made unlicensed payday loans since 2016, charged excessive fees totaling over $17,000, and failed to implement required consumer protections and risk management controls. Director Christopher Moya determined that these actions demonstrated a lack of strong character and general fitness required to maintain licensure under the Small Loan Company Act.
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