A post by our friends at the American Financial Services Association (AFSA), highlighted the deeply problematic nature of New Mexico’s Senate Bill 66, which will “force [lending] businesses to shutter and their consumers into the waiting arms of the very types of predatory lenders the governor and legislature claim to be targeting”.
The post points to a piece in the Las Cruces Sun News, in which the Rio Grande Foundation, a New Mexico think tank, says that traditional installment lenders are a much needed financial resource in the state, particularly for the more than 40 percent of New Mexicans who do not necessarily qualify for other forms of credit.
NILA strongly opposes New Mexico SB 66 on the same grounds.
AFSA’s Post is HERE.
The Las Cruces Sun News article is HERE.