Bill > HJR11

This Joint Resolution proposes an amendment to the New Mexico Constitution to cap the annual interest rate that individuals or entities can charge for extending credit at 36%. This means that if someone loans money, they cannot charge more than 36% interest per year on the principal amount or any accrued interest. However, this proposed limit would not apply to federally insured banks or credit unions, nor would it affect interest rates on government-issued bonds. If approved by the legislature, this constitutional amendment would then be put to a vote by the people of New Mexico at the next general election or a special election held before then.