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brand brand New Mexico Senate passes bill to lessen cap on small-loan rates of interest

brand brand New Mexico Senate passes bill to lessen cap on small-loan rates of interest

Legislation aimed to rein with what experts call predatory financing passed their state Senate after having a tense two-hour debate Monday that sparked accusations of untruths and assertions the bill’s sponsors are oblivious to your tough realities faced with individuals who reside paycheck to paycheck.

Opponents contended Senate Bill 66, which may slice the interest that is maximum on tiny loans to 36 per cent from 175 per cent, would do more damage than best for struggling New Mexicans by causing high-risk loan providers to turn off.

The measure handed down a 25-14 vote and will also be considered next because of the continuing state House of Representatives.

Expect lots of dissension and disagreement if Tuesday’s Senate floor session is any indicator of just what lies ahead. Continue reading brand brand New Mexico Senate passes bill to lessen cap on small-loan rates of interest