The state House late Monday adopted legislation that would cap the interest rate on small loans in New Mexico at 36 percent the same annual percentage allowed by the U.S. Department of Defense for active-duty members of the military. The measure would also allow an additional 5 percent charge for loans of $500 or less, a fee intended to help compensate the companies for the extra risk involved.
Lobbyists for storefront lenders are mostly saying the same thing: Regulating interest rates will make it hard for New Mexicans to “access” lines of credit.
SANTA FE It might seem like déjà vu at the Roadhouse, but a bill dealing with how New Mexico limits interest rates on storefront loans is once again on th.
In the first week of the 2022 Legislature, lawmakers introduced several bills that would lower New Mexico's unconscionable 175% interest rate cap on small loans to 36%. But the Legislature won't even be able to discuss such measures in the current 30-day session without an official "message" from Gov. Michelle Lujan Grisham.
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