House panel approves compromise on payday loans


NEW THIS MORNING– A BILL THAT WOULD REIN IN THE PAYDAY AND TITLE LOAN INDUSTRY IN NEW MEXICO– IS ADVANCING TO THE NEXT STEP. ON FRIDAY– THE HOUSE BUSINESS AND INDUSTRY COMMITTEE APPROVED THE MEASURE THAT WOULD BAN SMALL LOANS WITH PAYBACK PERIODS UNDER 120 DAYS. IT WOULD ALSO CAP INTEREST RATES AT 175 PERCENT ON CERTAIN INSTALLMENT LOANS ISSUED BY LENDERS THAT ARE NOT FEDERALLY INSURED. SOME LAWMAKERS SAY IT’S A STEP IN THE RIGHT DIRECTION TO ADDRESS LENDING PRACTICES THAT TARGET LOW- INCOME NEW MEXICANS.

One comment on “House panel approves compromise on payday loans”

  1. J& K says:

    It's an industry of vampires. Their business model is to trap you into a destructive cycle that ends in bad credit, destroyed relationships and sometimes worse. I would like to hear from lawmakers who support these predatory lending practices. Other than the lucrative returns for the lenders, how do these places actually help the comunity?

Leave a Reply

Your email address will not be published. Required fields are marked *