SANTA FE вЂ“ The debate over capping brand New Mexico interest levels on storefront loans may not yet be over.
3 years after state lawmakers authorized a bill that capped small-loan interest levels at 175per cent, a prominent Santa Fe-based think tank is proposing that the cap be lowered significantly вЂ“ to 36% вЂ“ and economic literacy classes be manufactured a graduation dependence on twelfth grade pupils statewide.
Fred Nathan, executive manager of Think New Mexico, said the proposed modifications would allow state residents to better protect their individual funds.
вЂњWith the overall economy triggered by the COVID-19 pandemic, New Mexicans are far more susceptible than in the past to predatory loan providers, enhancing the urgency of those reforms,вЂќ Nathan stated in a declaration. Read More