SANTA FE—The brand brand New Mexico House of Representatives passed a bill cleaning up state law that regulates storefront lenders today. HB 150 protects New Mexico borrowers and guarantees transparency and accountability when you look at the storefront financing industry.
“All New Mexicans deserve use of reasonable and clear loans under reasonable terms, but unfortuitously, the law that is current loopholes that neglect to carry out of the legislature’s intent to safeguard borrowers, ” stated Lindsay Cutler, lawyer during the brand brand New Mexico focus on Law and Poverty. “HB 150 proposes effective information reporting requirements and persistence in customer defenses for many borrowers, ensuring New Mexico families get fairer loans and therefore the state can better monitor storefront loan providers. ”
New Mexico’s first across-the-board rate of interest limit went into impact in January 2018, capping interest levels on storefront loans at 175 percent APR. Yet fees that are high loan rollovers continue steadily to empty income from brand brand New Mexico borrowers. (more…)