help to keep regional journalism fighting for your needs. Donate to Friends of the Reporter today.
The essential present push in a yearslong battle to rein in interest levels and costs for short-term, small-dollar loans in brand brand brand New Mexico must clear a few hurdlesвЂ”old and newвЂ”as this present year’s legislative session passes the midway point.
Senate Bill 66 would align New Mexico with the majority of the United States, and of course law that is federal to guard army families, by capping the amount of prices and charges from storefront loan providers at 36%.
The price now could be limited to 175%вЂ”the results of 2017 “compromise” legislation that remaining brand New Mexico among a little quantity of states that enables triple-digit rates of interest. That is a hallmark of what exactly is known as lending that is”predatory” as SFR reported in a address tale on Jan. 12.
This present year’s bill, co-sponsored by Democratic Sens. William Soules of Las Cruces and Katy Duhigg of Albuquerque, passed the Senate Tax, company and Transportation Committee on Feb. 9 on a 7-4 vote, with every regarding the committee’s Republicans against.
Then up ended up being the Senate Judiciary Committee, where users heard three hours of testimony and debate Monday, which started with an agreement to postpone a vote until a replacement form of SB 66 could possibly be ready for a 2nd hearing today.
Monday offered a preview of help and opposition.
A few high-profile lobbyists, including previous state home Speaker Raymond Sanchez, arranged into the Zoom waiting room to rail up against the measure.