Proposition renews debate on payday advances
Proposition renews debate on payday advances
The debate over capping New Mexico interest levels on storefront loans may not yet be over.
36 months 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 limit be lowered significantly – to 36% – and economic literacy classes be produced a graduation dependence on senior school pupils statewide.
Fred Nathan, executive director of Think New Mexico, said the proposed modifications would allow state residents to better protect their individual funds.
“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, increasing the urgency among these reforms,” Nathan said in a declaration. […]