Home passes bill closing loopholes in tiny loans legislation

SANTA FE—The brand brand New Mexico House of Representatives passed a bill cleaning up state law that regulates storefront lenders today. HB 150 safeguards New Mexico borrowers and guarantees accountability and transparency into the storefront financing industry.

“All New Mexicans deserve usage of reasonable and clear loans under reasonable terms, but unfortuitously, the law that is current loopholes that neglect to carry out of the legislature’s intent to guard borrowers, ” stated Lindsay Cutler, lawyer at the brand New Mexico focus on Law and Poverty. Continue reading