FastBucks settlement funds available for some New Mexico residents

(KVIA) -- New Mexico residents who received a FastBucks loan between 2007-2016 may be eligible to receive a share of nearly $1 million, the state's Department of Justice said Friday.

In 2016, former New Mexico Attorney General Hector Balderas announced a ruling that FastBucks should pay more than $32 million in restitution to consumer borrowers.

In November 2016, the NMDOJ made the following announcement:

"The Court found that after the enactment of the 2007 legislative reforms to address payday loans, the company fashioned their loans and business practices so as to circumvent regulation of payday loans. These business practices avoided many of the benefits to borrowers that would have otherwise been available."

NMDOJ said the money is in resolution following a long-running case. The settlement funds have been collected and are now available for distribution.

Eligible consumers can submit a claim at FastBucksNMRestitution.com. There's a Nov. 24 deadline, accoridng to NMDOJ.

Consumers who received a notice about the settlement can file a claim. Those who believe they may be eligible but didn't receive a notice can also submit a claim.