Governor signs law capping interest rates for small loans at 36% - KRQE News 13

SANTA FE, N.M. (KRQE) – The governor signed a law aimed at curbing predatory lending. Right now, storefront lenders can charge up to 175% interest on small loans, a practice Larry Barker highlighted last year that can leave borrowers with mounting debt they have little hope of paying off.

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Under the new law, interest rates will be capped at 36% which backers say will go a long way toward protecting vulnerable families struggling to make ends meet. The change goes into effect on the first of next year.

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source: https://www.krqe.com/news/politics-government/legislature/governor-signs-law-capping-interest-rates-for-small-loans-at-36/

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