summary
Introduced
01/31/2022
01/31/2022
In Committee
Crossed Over
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO LENDING; IMPOSING A CAP ON INTEREST RATES; VOIDING CONTRACTS THAT EXCEED THE INTEREST RATE CAP; LOWERING THE MAXIMUM ANNUAL PERCENTAGE RATE FOR LOANS PURSUANT TO THE NEW MEXICO BANK INSTALLMENT LOAN ACT OF 1959 AND THE NEW MEXICO SMALL LOAN ACT OF 1955; MAKING AN APPROPRIATION.
AI Summary
This bill imposes a cap on interest rates for certain loans in New Mexico. The maximum lawful rate of interest is set at 36% per year for loan amounts over $1,100, and 99% per year for loan amounts up to and including $1,100. The bill also voids any loan contract with an interest rate exceeding the cap. It lowers the maximum annual percentage rate for loans under the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act of 1955. The bill also appropriates funds for the financial institutions division to develop recommendations on appropriate interest rates and regulations for small loans to ensure continued access to credit while prohibiting predatory practices.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
House Consumer & Public Affairs Committee (00:00 2/8/2022 Room 317) (on 02/08/2022)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=172&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/house/HB0172.pdf |
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