Legislation seeking to lower interest rates on so-called “payday” loans and requiring a consumer finance course in New Mexico has been introduced at the State Capitol.
Tom Trowbridge reports from the Roundhouse:
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In a report released late last year, the Santa Fe-based statewide Think Tank, Think New Mexico, recommended the state adopt a new law dropping the maximum interest rate on small loans from 175-percent to 36-percent.
A bill’s in play in both the State House and Senate that not only cuts the interest on such loans but also changes New Mexico’s high school graduation requirements to include a course in financial literacy or personal finance.
Think New Mexico founder and executive director Fred Nathan says the legislation has an all-star cast of sponsors and has support of Governor Michelle Lujan Grisham:
Silver City Freshman Senator Siah Correa Hemphill is the sponsor of a bill that changes New Mexico’s high school graduation requirements to include one-half unit in personal finance. Senator Hemphill, a Democrat, says taking such a course builds the foundation for future financial well-being:
State Senate Committees will take up the legislation this week.
For the New Mexico News Network, I’m Tom Trowbridge