SANTA FE—The brand New Mexico House of Representatives passed a bill today cleaning state legislation that regulates storefront loan providers. HB 150 safeguards New Mexico borrowers and guarantees transparency and accountability within the storefront financing industry.
“All New Mexicans deserve usage of reasonable and clear loans under reasonable terms, but regrettably, the present legislation has loopholes that neglect to carry out of the legislature’s intent to safeguard borrowers, ” stated Lindsay Cutler, lawyer in the brand brand brand New Mexico focus on Law and Poverty. “HB 150 proposes effective information reporting requirements and consistency in customer defenses for many borrowers, ensuring New Mexico families get fairer loans and that the state can better monitor storefront loan providers. ”
New Mexico’s first interest that is across-the-board limit went into impact in January 2018, capping rates of interest on storefront loans at 175 % APR. Continue reading