[Lwvcnmtopics] Fwd: Restore the 36% Interest Rate Cap!

[Peggy Roberts]

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Fwd urgent need for public action from Think NM.  Peggy Roberts


From: Think New Mexico <othiamba at thinknewmexico.org>
Date: Thu, Mar 18, 2021 at 9:09 AM
Subject: Restore the 36% Interest Rate Cap!
To: <docpegasus at gmail.com>


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Dear Margaret E,



Our legislation to cap the annual interest rates of small loans at 36% is
at a critical juncture, and we need your help.



In our update on Monday, we told you that *Senate Bill 66* was headed into
its final hearing in the House Judiciary Committee. Unfortunately, in that
committee the bill was hijacked by an army of lobbyists for the predatory
lending industry, who convinced a majority of the committee members to
amend the bill and increase the maximum annual interest rate from 36% to
99%.



The House passed the bill late last night. They reined in the House
Judiciary Committee amendment slightly, by limiting the 99% cap to loans of
under $1,100. Unfortunately, around half of all small loans in New Mexico
are under $1,100.



As the *Santa Fe New Mexican* editorialized yesterday
<https://t.congressweb.com/l/?LDIQOCJWDUVCOPY>, we still have a final
chance to restore the 36%.



The Senate is extremely unlikely to accept the changes that have been made
to the bill in the House, which means that it will go to a conference
committee to try to resolve the differences between the chambers. *Please
email your legislators and urge them to restore the 36% cap, as passed by
the Senate! <https://t.congressweb.com/l/?LDIQOCJWDUXKXUI>*



When they are determining what policies best serve the people of New
Mexico, lawmakers ought to look to their constituents, not to lobbyists for
special interests. A January 2020 Morning Consult poll found that 71% of
New Mexicans support capping interest rates at 36% - and many of those who
oppose a 36% cap do so because they believe it is too high.



A cap of 99% for loans under $1,100 would mean that New Mexico would
continue to allow some of the highest interest rates in the nation for
loans of this size. A low-income New Mexican who borrows $600 would have to
pay back $1,194.



New Mexicans deserve better.





Fred, Kristina, Othiamba, and Susan

Think New Mexico


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