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

Proposition renews debate on payday advances

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

Copyright В© 2020 Albuquerque Journal

3 years after state lawmakers authorized a bill that capped small-loan rates of interest at 175per cent, a prominent Santa Fe-based think tank is proposing that the limit be lowered significantly – to 36% – and monetary literacy classes be produced a graduation dependence on senior school students statewide.

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

“With the crisis that is economic by the COVID-19 pandemic, New Mexicans tend to be more susceptible than in the past to predatory loan providers, enhancing the urgency of the reforms,” Nathan stated in a declaration. Read the rest of this entry »