2021年01月02日

SANTA FE – The debate over capping brand new Mexico interest levels on storefront loans may well not be over yet.

Proposition renews debate on pay day loans

By Dan Boyd / Journal Capitol Bureau Chief
Sunday, October 4th, 2020 at 12:05am
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Copyright В© 2020 Albuquerque Journal

36 months after state lawmakers approved a bill that capped interest that is small-loan at 175%, a prominent Santa Fe-based think tank is proposing that the cap be lowered significantly – to 36% – and economic literacy classes be manufactured a graduation need for twelfth grade pupils statewide.

Fred Nathan, executive director of Think New Mexico, said the proposed changes would allow state residents to better protect their individual funds.

“With the financial crisis triggered by the COVID-19 pandemic, New Mexicans tend to be more susceptible than in the past to predatory lenders, enhancing the urgency of the reforms,” Nathan stated in a declaration.

Nevertheless, the proposition might face tough sledding during the 2021 legislative session, as current proposals to lessen the attention rate limit have actually did not gain traction in the Roundhouse.

Experts of these legislation have actually argued that such a policy modification would place some small-loan shops out of company, decrease state certification income and then leave fewer choices for cash-strapped New Mexicans. (さらに…)