PVA Unified Action, August 2014:
Sponsored by the New Mexico Fair Lending Coalition, nmflc@outlook.com, 505-273-4956
Cap Loan Interest Rates at 36% or Less
The issue
Lenders who charge an annual percentage rate (APR) of 100% to 1800% are the primary source of loans to New Mexicans who live in poverty. Every year outrageous interest rates on a half-million loans, trap borrowers in debt and help ensure they never have a chance to escape poverty.
What we are asking
Call Governor Martinez and ask her to support legislation capping interest and fees on all New Mexico regulated loans at 36% or less.
Phone 505-476-2200
*Gubernatorial Candidate Gary King is not on the call list because he has already committed to support 36% APR caps.