Action Alert: All New Mexicans deserve access to fair loans!

Senate Bill 66 would require a 36% APR cap in New Mexico to ensure that New Mexicans have access to fair and affordable loans. The House Judiciary Committee will hear the bill MONDAY, March 15 at 11:30.

We need your help to keep up the momentum on SB 66. Please call or email members of the committee TODAY and urge them to support a 36% cap on storefront loans.

Right now, 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.  

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 Representative to support SB 66 for a 36% cap on storefront loans. No one should have to choose between paying their rent and making payments on a triple-digit loan. New Mexicans deserve access to fair and responsible credit.” 

Contact information for the Representatives is below.

House Judiciary Committee