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Payday lenders flout new laws across the country

WASHINGTON-- As states from New Mexico to Illinois passed payday loan reform laws over the past few years, the movement to curb customer-gouging short-term high-interest loans seemed to be gaining steam and growing teeth. Ohio and Arizona voters even took to the polls to approve rate caps on payday lenders, regardless of threats that the industry would fold if it had to reduce rates from as high as 400 percent to 36 percent or less.