A bill that would lower the maximum annual interest rate of small loans in New Mexico from the current 175-percent to 36-percent is moving forward at the Roundhouse.
Tom Trowbridge reports from Santa Fe:
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Senate Bill 66 amends New Mexico’s Small Loan Act to cap the peak interest rate at 36-percent. The measure is supported by a broad coalition of public interest groups as well as being a priority of Governor Michelle Lujan Grisham.
Democrat William Soules of Las Cruces is the chief Senate sponsor of the bill… Soules says public opinion is firmly on his side:
But veteran state lawmaker David Gallegos of Eunice, in rural Lea County, a Republican, expressed opposition to the measure after running it by a local loan provider:
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A companion measure to Senate Bill 66 in the House… House Bill 99, sponsored by Espanola Democrat Susan Herrera… is also advancing. That bill is now before the House Judiciary Committee.
For the New Mexico News Network, I’m Tom Trowbridge