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Albuquerque, NM – Today, Attorney General Hector Balderas announced that Wells Fargo will pay more than $7 million in settlement to the State of New Mexico. This payment is to resolve claims that the bank violated state consumer protection laws by (1) opening thousands of unauthorized accounts in New Mexico and enrolling customers into online banking services without their knowledge or consent, (2) improperly referring customers for enrollment in third-party renters and life insurance policies, (3) improperly charging auto loan customers for force-placed and unnecessary collateral protection insurance, (4) failing to ensure that customers received refunds of unearned premiums on certain optional auto finance products, and (5) incorrectly charging customers for mortgage rate lock extension fees.

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