New Mexicans will no longer be able to use “buy now, pay later” service Afterpay starting Jan. 1.
Last week, Afterpay emailed New Mexico customers informing them that due to “regulatory changes” in New Mexico, the company would no longer be doing business in the state.
“Due to a new state regulation effective January 1, 2023, Afterpay is unavailable to New Mexico residents,” read a statement provided to the Journal by an Afterpay spokesperson. “We hope to be able to offer our service to New Mexico customers in the near future.”
The regulation in question is House Bill 132, “Interest Rates for Certain Loans,” an amendment to the New Mexico Small Loan Act and New Mexico Bank Installment Act. The bill passed the New Mexico House and Senate last year and will take effect Jan. 1.