Loan Shark Attack
Loan Shark Lobby
Six out of seven New Mexicans support interest caps of 36% or less.
Major cities and counties across the state have passed resolutions asking the state to enact interest caps of 36% or less.
Financial counseling and religious organizations across the state support interest caps.
So why doesn't the legislature act? The rich lending lobby of course.
Here is a list of interest cap supporters and the army of lobbyists the industry has hired to fight them.
Arthur Hull II
New Mexico Loan Industry Paid Lobbyists 2014
New Mexico Cities & Counties That Have Passed Resolutions Supporting Interest Caps
Dona Ana County
Santa Fe County
New Mexico Municipal League
Also Supported By:
New Mexico Association of Counties
The Navajo Nation
Organizations Supporting Interest Caps
Financial Counseling Organizations
Prosperity Works, Wesst, Tierra del Sol, Community Action Agency of Southern New Mexico, Native Community Finance, Eastern Plains Community Action Agency, Colonias Development Council, Center for Economic Integrity, Midwest New Mexico Community Action Program, United South Broadway, Results Santa Fe, Help New Mexico, Cuatro Puertas, Echo San Juan County, Center for Responsible Lending.
US Department of Defense, Military Officers Association of America - New Mexico Chapter, NMSU Veterans Programs, UNM Veterans Resource Center, Las Cruces Veterans Advisory Board.
New Mexico Conference of Catholic Bishops, Catholic Charities of Santa Fe Archdiocese, Lutheran Advocacy Ministry, Interfaith Worker Justice, Catholic Charities of Las Cruces Archdiocese, CaFe, and over 230 faith leaders across New Mexico.
The National Baptist Convention, the National Association of Evangelicals and the Cooperative Baptist Fellowship have all called for payday lending reform.
Native American Governments & Organizations
Navajo Nation, Navajo Human Rights Commission, Tewa Women United, Zuni Education and Career Center, Zuni Senior Center
Major Social Service Organizations
AARP, AFSCME, New Mexico Voices for Children, America Votes, NEA, Care 66, Encuentro, NGage NM, New Mexico Center on Law and Poverty, Somos un Pueblo Unido.
New Mexico Newspapers Endorsing 36% APR Loan Caps
Las Cruces Sun News
Carlsbad Currant Argus