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Home passes bill loopholes that are closing tiny loans legislation

Home passes bill loopholes that are closing tiny loans legislation

SANTA FE—The 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 when you look at the storefront financing industry.

“All New Mexicans deserve use of fair and clear loans under reasonable terms, but unfortunately, the law that is current loopholes that neglect to carry out of the legislature’s intent to guard borrowers, ” stated Lindsay Cutler, lawyer during the brand New Mexico focus on Law and Poverty. “HB 150 proposes effective information reporting requirements and persistence in customer defenses for several borrowers, ensuring brand New Mexico families get fairer loans and that the state can better monitor storefront loan providers.