Bill > HB36

This bill, titled "Loan interest rate caps," amends existing New Mexico laws to establish a maximum lawful interest rate for loans at thirty-six percent per year, with this rate encompassing all associated charges and fees, and any loan contracts exceeding this limit entered into after January 1, 2015, will be considered void for both principal and interest. However, this cap does not apply to federally insured banks or government bonds, and it allows for a higher rate, not exceeding thirty percentage points above the United States prime lending rate, if that prime rate itself exceeds ten percent. The bill also repeals a previous section of law and sets an effective date of July 1, 2015, for its provisions.