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Let me make it clear about Compromise desired on pay day loan rates

Let me make it clear about Compromise desired on pay day loan rates

A Check ‘n Go shop in Santa Fe provides pay day loans.

A previous state senator that is assisting lead the battle against high-interest payday along with other little loans stated Monday that a bill to cap prices at 36 per cent is dead.

“The governor would veto it anyhow,” previous Sen. Steve Fischmann, co-chairman of this brand brand New Mexico Fair Lending Coalition stated, talking about home Bill 26, sponsored by Rep. Patricia Roybal Caballero, D-Albuquerque.

But Fischmann, a Mesilla Park Democrat, stated supporters associated with bill come in negotiations with particular areas of the industry which are supporting another bill geared towards managing companies that provide tiny loans at high interest levels.

“I think we have been getting near to a deal,” Fischmann said. That bill, HB 347, sponsored by Rep. Patty Lundstrom, D-Gallup, would in effect set interest that is maximum of 175 per cent.

Both bills had been talked about Monday into the House company and Industry Committee.