A Check ‘n Go shop in Santa Fe provides pay day loans.

A Check ‘n Go shop in Santa Fe provides pay day loans.

A state that is former that is helping lead the battle against high-interest payday along with other tiny loans stated Monday that a bill to cap prices at 36 % is dead.

“The governor would veto it anyhow,” previous Sen. Steve Fischmann, co-chairman of this brand brand New Mexico Fair Lending Coalition stated, talking about home Bill 26, sponsored by Rep. Patricia Roybal Caballero, D-Albuquerque.

But Fischmann, a Mesilla Park Democrat, stated supporters for the bill have been in negotiations with specific elements of the industry which can be supporting another bill aimed at managing companies that provide tiny loans at high interest levels. Continue reading “A Check ‘n Go shop in Santa Fe provides pay day loans.”