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House passes bill to lower NM loan interest rate cap

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. ....

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