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Governor Lujan Grisham’s New Bill Lowers Interest Rates on Small Loans | KAMR

SANTA FE, NM (KAMR/KCIT) — Governor Michelle Lujan Grisham on Tuesday signed Bill 132 into law that will lower the cap on interest rates for small loans from 175% to 36%, according to an announcement from the governor’s office.

“As we continue to grow our economy and create quality jobs for New Mexicans across the state, protecting New Mexico consumers remains of critical importance,” said Governor Lujan Grisham. “After many years of effort by advocates and lawmakers, I am pleased to finally sign this legislation and provide common sense protections to vulnerable New Mexicans in rural and urban communities across the state. .”

The bill, according to Grisham’s office, “enacts a maximum interest rate of 36% applicable under the New Mexico Bank Installment Loans Act of 1959 and the Small Loans Act of 1955.” of New Mexico, limiting such loans to the same maximum annual percentage allowed by law. US Department of Defense for active duty military personnel. In addition, the bill will increase the maximum loan amount from $5,000 to $10,000.

“This bill means an end to the crippling loans that hurt New Mexican families,” said Rep. Susan Herrera.

“This is going to make a real difference in the lives of New Mexicans who are struggling to make ends meet. By capping these interest rates, we can stop the debt trap and help more families move forward,” said Lecturer Egolf. “This historic achievement is the result of years of hard work by Representative Herrera and other champions of our working families.”

“The success of this bill illustrates excellent leadership, from statewide advocates and lawmakers,” said Senator Katy Duhigg, sponsor of the senate. “I am proud to have helped cross the finish line with this measure and to make a real difference for New Mexicans.”