March 5, 2021 – The state Senate signed off on a bill this past week that would cap the rate for short-term loans – often called “predatory” lending – at 36 percent. New Mexico’s current cap of 175 percent is one of the nation’s highest, despite going into place just four years ago. With almost a fifth of the state’s households living in poverty and, according to one group, 65 percent of storefront lenders located within 15 miles of tribal lands, advocates say it’s time for a change. The Line opinion panel debates the chance of reform.
The Line Opinion Panel:
Tom Garrity, The Garrity Group PR
Julie Ann Grimm, editor and publisher, Santa Fe Reporter
Edmund Perea, attorney and public safety expert