Here's hoping.

In the issue of SFR that hit the streets yesterday, we noted legislative proposals by Lt. Gov. Diane Denish and state Sen. Peter Wirth, D-Santa Fe, to

.

This morning, Reuters blogger Felix Salmon picks up on the New Mexico Attorney General's efforts in that vein. Check out the outrageous terms of the loan

:

To borrow $100, a New Mexico man was asked to pay $999.71 in finance charges

.

That's "

loan sharking, pure and simple

," Salmon writes. But the secondary market in debt complicates matters, at least from the perspective of the courts:

It's possible that if Cash Loans Now [the lender] tried to take [the borrower] to court, the judge would just throw out the case, since the loan was so unconscionable. But if Cash Loans Now just sold its defaulted loan to Fastbucks [another loan shark], while Fastbucks sold its defaulted loan to Cash Loans Now, then both would have bought legitimate debts of over a thousand dollars and wouldn't have been paid a penny on them: indeed, they would both be out of pocket. It would be very hard for a judge to throw out that kind of case.