Campaign money

Whenever brand New Mexico state Sen. William P. Soules filed a bill in 2014 to cap title loan interest at 36 percent, it quickly died december.

Soules, a Democrat, called it a “very big learning experience.” He said that “without any doubt industry that is and campaign efforts doomed the balance.

“There’s a lot of money being made from the extremely poorest and a lot of susceptible individuals inside our state,” Soules stated.

Two similar bills died in the past couple of years, despite a poll showing 86 per cent of New Mexicans favored interest caps. Title loan providers have actually won the argument at the least partly by complaining that price caps would drive them away from company. Plus »