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Proposition renews debate on payday advances

Proposition renews debate on payday advances

The debate over capping brand New Mexico rates of interest on storefront loans may not yet be over.

36 months after state lawmakers authorized a bill that capped interest that is small-loan at 175per cent, a prominent Santa Fe-based think tank is proposing that the limit be lowered significantly – to 36% – and economic literacy classes be produced a graduation need for senior school students statewide.

Fred Nathan, executive director of Think New Mexico, said the proposed modifications would allow state residents to better protect their individual finances.Read More