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New Mexico Lawsuit Sparks Marijuana Business Tax Debate

PYMNTS

Paying business taxes is a key source of friction for many legal marijuana companies in the nation, particularly for companies that operate on a cash-only basis. A lawsuit in New Mexico is reigniting the debate over marijuana business taxes, only this time, the controversy surrounds how to classify these companies under state tax code.

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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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Deal in New Mexico lifts credit union-bank merger tally to 14

American Banker

It would help the buyer expand its cannabis banking operation. Eagle Federal Credit Union said it plans to acquire Southwest Capital Bank in a transaction slated to close next year.

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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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FTC Shuts Down Debt Collector as Part of “Operation Corrupt Collector”

CFPB Monitor

A Georgia federal district court has entered a temporary restraining order against a Georgia-based debt collection operation in response to a complaint filed by the Federal Trade Commission. In addition to the FTC’s actions, Operation Corrupt Collector includes two cases filed by the CFPB, three criminal cases brought by the U.S.

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Big US Mall Operators Look To Sports Entertainment For Growth

PYMNTS

But operators of some of those shopping destinations continue to wield investment power as malls undergo remakes for the 21 st century. Among the latest examples of that trend comes from Simon Property Group, the largest mall operator in the United States, which, according to Reuters , “will invest $5 million in Allied Esports.”.

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JD Sports Purchases California-Based Shoe Palace

PYMNTS

Also, the Mersho Brothers, who operate Shoe Palace, have been issued equity in Genesis so that they will have 20 percent ownership of the enlarged group in the U.S. The chain currently has 167 retail locations, most of them operating under the Shoe Palace flag. California-based Shoe Palace was started in 1993 by the Mersho family.