Reining in Short-term Lenders

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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. 

Host: 
Gene Grant 

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 

For More Information: 
The Weight of Short-term Loans – Santa Fe Reporter 
Senate Approves Interest Rate Cap – Albuquerque Journal 
The Lending Shuffle – Santa Fe Reporter 

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This segment is part of our #YourNMGov project, in collaboration with KUNM radio. Support for public media provided by the Thornburg Foundation.