/tags/predatory-lending predatory lending en-US Copyright Tue, 08 Feb 2022 05:39:59 GMT /podcast/your-new-mexico-gover/2022-02-07/2022-session-ep-7-the-lenders-of-last-resort We have ten days left in this legislative session. This is the point where everything starts moving very quickly - almost frantically - so lawmakers can get to all of the bills they care about before time runs out. On today's #YNMG we’re going to focus on House Bill 132, a bill that would limit interest rates on storefront loans - you know, the kinds of loans given in strip malls that sometimes require a car title as collateral. They’re problematic for the way they tend to cluster in less affluent parts of town and for the exceptionally high interest rates that often keep borrowers trapped in a cycle of debt that’s difficult to escape. Tue, 08 Feb 2022 05:39:59 GMT /podcast/your-new-mexico-gover/2022-02-07/2022-session-ep-7-the-lenders-of-last-resort Kaveh Mowahed /kunm-news-update/2021-01-28/storefront-lending-caps-up-for-debate-at-roundhouse Small, fast loans often lead to a cycle of ever-deepening debt, according to the Consumer Financial Protection Bureau. Lawmakers in New Mexico are… Fri, 29 Jan 2021 04:10:59 GMT /kunm-news-update/2021-01-28/storefront-lending-caps-up-for-debate-at-roundhouse Khalil Ekulona /local-news/2018-01-12/low-interest-loans-for-low-income-communities Local fair lending advocates are partnering with an out of state loan company to curb predatory lending in New Mexico.Ona Porter, president and CEO of… Sat, 13 Jan 2018 00:37:00 GMT /local-news/2018-01-12/low-interest-loans-for-low-income-communities /public-health-new-mexico/2016-02-18/state-to-study-storefront-loan-alternatives Lawmakers voted Wednesday to study a plan that would make small dollar loans available to state employees. At 26 percent interest, the loans would offer… Fri, 19 Feb 2016 01:03:04 GMT /public-health-new-mexico/2016-02-18/state-to-study-storefront-loan-alternatives Ed Williams /public-health-new-mexico/2015-06-08/heinrich-and-udall-urge-storefront-lending-reform Senators Martin Heinrich and Tom Udall joined 28 other Democratic senators and two independents in sending a letter Friday to the director of the Consumer… Tue, 09 Jun 2015 01:03:40 GMT /public-health-new-mexico/2015-06-08/heinrich-and-udall-urge-storefront-lending-reform Ed Williams /public-health-new-mexico/2015-03-04/problems-linger-for-borrowers-of-fast-cash High interest, small dollar loans are abundant in New Mexico. Businesses offer quick cash payments for people who need money right away. But the interest… Thu, 05 Mar 2015 03:52:59 GMT /public-health-new-mexico/2015-03-04/problems-linger-for-borrowers-of-fast-cash Ed Williams /local-news/2015-03-04/do-new-mexicans-need-protection-from-storefront-lenders ¾ÅÉ«Íø Call In Show 3/5 8a: Critics say short term loans trap New Mexicans in a cycle of poverty. Often borrowers end up paying more than the amount of the… Wed, 04 Mar 2015 17:34:25 GMT /local-news/2015-03-04/do-new-mexicans-need-protection-from-storefront-lenders /local-news/2015-02-04/payday-loan-cap-on-hold-despite-prayers Despite the vocal support of a group of religious leaders, a legislative panel decided on a party-line vote Wednesday to set aside two proposals (HB 24… Thu, 05 Feb 2015 02:58:08 GMT /local-news/2015-02-04/payday-loan-cap-on-hold-despite-prayers /local-news/2015-02-02/lawmaker-wants-to-cap-storefront-lending-rates The average person who takes out a short-term loan borrows about $650 and pays about 340 percent interest. But rates on payday, title and installment… Mon, 02 Feb 2015 22:40:50 GMT /local-news/2015-02-02/lawmaker-wants-to-cap-storefront-lending-rates