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Albuquerque Journal, Proposal renews debate on pay day loans

By Dan Boyd / Journal Capitol Bureau Chief

Sunday, October 4th, 2020 at 12:05am

Copyright В© 2020 Albuquerque Journal

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

36 months after state lawmakers authorized a bill that capped small-loan interest levels at 175%, a prominent Santa Fe-based think tank is proposing that the limit be lowered significantly – to 36% – and economic literacy classes be manufactured a graduation requirement of senior school pupils statewide.

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

“With the economic crisis caused , New Mexicans tend to be more susceptible than in the past to predatory loan providers, increasing the urgency among these reforms,” Nathan stated in a statement.

Nonetheless, the proposition might face tough sledding during the 2021 legislative session, as present proposals to reduce the attention price limit have actually neglected to gain traction during the Roundhouse. Weiterlesen

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