Compromise sought on cash advance interest rates. A Check ‘n Go shop in Santa Fe provides loans that are payday.

Compromise sought on cash advance interest rates. A Check ‘n Go shop in Santa Fe provides loans that are payday.

Clyde Mueller / The Brand New Mexican

A previous state senator that is helping lead the battle against high-interest payday as well as other tiny loans sa Monday that the bill to cap prices at 36 % is dead.

“The governor would veto it anyhow,” said Sen. this is certainly former Steve, co-chairman associated with brand brand New Mexico Fair Lending Coalition, talking about home Bill 26, sponsored by Rep. Patricia Roybal Caballero, D-Albuquerque.

But Fischmann, a Las Cruces Democrat, stated supporters for the bill come in negotiations with particular areas of the industry which are supporting another bill aimed at managing companies that provide tiny loans at high interest levels.

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“I think we have been getting near to a deal,” Fischmann said. That bill, HB 347, sponsored by Rep. Patty Lundstrom, D-Gallup, would in effect set maximum interest levels of 175 per cent.

Both bills had been talked about Monday into the House company and Industry Committee.

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