Bill > HB78

This bill imposes a cap on interest rates for the extension of credit at 36% per year, with some exceptions. It voids any contracts that exceed this interest rate cap, except for federally insured depository institutions and government-issued bonds. The bill also lowers the maximum annual percentage rate for loans made under the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act of 1955 from 175% to 36%, with an exception that allows the rate to exceed 36% if the U.S. prime lending rate exceeds 10%. The bill's provisions take effect on July 1, 2022.

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=78&year=22