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The debate over capping brand brand brand New Mexico rates of interest on storefront loans may not yet be over.

The debate over capping brand brand brand New Mexico rates of interest on storefront loans may not yet be over.

3 years after state lawmakers authorized a bill that capped interest that is small-loan 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 need for senior high school pupils statewide.

Fred Nathan, executive manager of Think New Mexico, said the proposed modifications would allow state residents to better protect their individual funds.

“With the overall economy triggered by the COVID-19 pandemic, New Mexicans are far more vulnerable than in the past to predatory loan providers, enhancing the urgency among these reforms,” Nathan stated in a declaration.

But, the proposition might face tough sledding during the 2021 legislative session, as present proposals to reduce the attention rate limit have actually neglected to gain traction during the Roundhouse.