State needs to better fund emergency response to drought, fire and flood, expert group says sourcenm.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sourcenm.com Daily Mail and Mail on Sunday newspapers.
A newly created group composed of high-ranking state leaders and water experts said the New Mexico Legislature should anticipate more disastrous fires and floods like the state encountered this year – and find a way to make sure there’s money for hard-hit areas during those emergencies.
New Mexico is ready to ban exorbitantly high interest rates on small loans that have drawn criticism from advocates in the state for over two decades. Predatory lenders in New Mexico have been allowed to charge interest rates as high as 175% on small loans. If Gov. Michelle Lujan Grisham signs the bill, state law would cap interest rates on loans in the state to 36%.
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.