Sen. Bill Soules, D-Las Cruces, responses concerns during a Senate flooring session Tuesday about their bill to lessen the interest that is annual limit on New Mexico tiny loans. The legislation, Senate Bill 66, passed the Senate via a 25-14 vote. (Eddie Moore/Journal)
SANTA FE вЂ” A renewed try to reduce brand brand New MexicoвЂ™s small-loan interest price cap вЂ” to 36% from 175% вЂ” is headed towards the state home after being qualified by the Senate on Tuesday.
The Senate voted 25-14 to pass through the attention price limit, content Senate Bill 66, after almost two hours of pointed debate.
Backers associated with measure stated it could protect vulnerable New Mexicans while additionally bolstering the stateвЂ™s economy by continuing to keep residents away from financial obligation rounds.