By Andrew Oxford | The Newest Mexican | March 6, 2017
Luis SГЎnchez Saturno/The Brand New Mexican
Rep. Patty Lundstrom, sponsor of home Bill 347, Installment Loan Fee Limits and Literacy Fund, introduces the bill Monday during the home Judiciary Committee in the state Capitol.
Home Bill 347 and a friend measure into the Senate represent the absolute most significant motion in years by lawmakers to modify an industry that customer advocates state preys on poor people with yearly prices that will rise up to 9,000 per cent on some loans.
The bills have won backing from lobbyists for many storefront lenders and some consumer advocates who view it as a palatable compromise by capping most annual percentage rates at 175 percent.