The 1,147% APR Loan: For A Limited Time Only?

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:

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