Bill to impose 36% rate cap passes New Mexico House and Senate
CFPB Monitor
FEBRUARY 23, 2022
The New Mexico House and Senate have both passed House Bill 132 which would create a 36% annual percentage rate (APR) cap on loans up to $10,000 made under the New Mexico Bank Installment Loan Act of 1959 (BILA) and the New Mexico Small Loan Act (SLA).
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