Just over two months after leaving New Mexico, “buy now, pay later” service Afterpay has returned to the Land of Enchantment.
The Australia-based service allows customers to receive their purchases immediately, but pay them off over time in four equal installments every two weeks.
Users were alerted in December 2022 that Afterpay would be fleeing the state on Jan. 1 2023. Afterpay left the state due to the advent of an amendment to the New Mexico Small Loan Act and New Mexico Bank Installment Act, which took effect on the first of the year, and caps both interest rates and late fees for small lenders.
But as of this month, it’s back.
The company has been working with the state for several weeks to restore the service, a company spokesperson said. On Feb. 2, 2023, Afterpay was approved for a Small Loan Company License by the New Mexico Regulation and Licensing Department.
