With your support, Senate Bill 66 passed the Senate Tax, Business and Transportation Committee! The bill would require an all-inclusive 36% APR cap in New Mexico. We need your help to get it through the Senate Judiciary Committee hearing on Monday at 1:30 p.m.
New Mexico has one of the highest interest rate caps in the country. Lenders across the state are making loans with annual interest rates of 175% APR. A family who borrows a storefront loan for just a few hundred dollars will end up paying hundreds, even thousands of dollars in interest and fees.
It’s time for New Mexico to have a 36% APR cap to ensure all New Mexicans have access to fair and affordable loans. Please call or email members of the committee TODAY and urge them to support an all-inclusive 36% cap.
You might share a personal story with legislators about why no one should be allowed to charge triple-digit interest rates. You might also share why you support the bill. For example: “I urge the Senator to support SB 66 for an all-inclusive 36% cap on storefront loans. No one should have to choose between paying their rent and making payments on a triple-digit loan. All New Mexicans deserve access to fair and responsible credit.”
You may also comment during the online hearing MONDAY at 1:30 p.m. To comment, send an email to SJC@nmlegis.gov with your name, whether you are in support or against, and whether you would like to give public comment by Sunday, February 14 at 5:00 p.m. If you wish to provide written comments, keep them to 300 words or less. You will be contacted by the Zoom Operator with the virtual meeting instructions.
Contact information for the senators is below.
Senate Judiciary Committee
- Senator Joseph Cervantes (Chair): (505) 397-8820; email@example.com
- Senator Bill O’Neill (Vice Chair): (505) 397-8838; firstname.lastname@example.org
- Senator Cliff Pirtle: (505) 986-4369; email@example.com
- Senator Gregory A. Baca: (505) 986-4877; firstname.lastname@example.org
- Senator Katy Duhigg (co-sponsor of SB 66): (505) 397-8823; email@example.com
- Senator Daniel Ivey-Soto: (505) 397-8830; firstname.lastname@example.org
- Senator Linda Lopez: (505) 397-8833; email@example.com
- Senator Mark Moores: (505) 986-4856; firstname.lastname@example.org
- Senator Mimi Stewart: (505) 397-8853; email@example.com