Building an Active & Informed Native American Electorate
9 DAYS LEFT IN THE LEGISLATIVE SESSION!!
HB150 INSTALLMENT & SMALL LOAN CHANGES sponsored by Rep. Georgene Louis passed the House Floor by a 53- 15 vote! We're on to the Senate and we need your help! With so little time left we need our bill to be heard. It looks like we're going to Senate Corporations and our team is waiting to talk with Senator Clemente Sanchez about our bill.
We need him to hear the bill and to vote in favor of the bill.
We want Senator Sanchez to understand that:
The passage of HB150 will not lower the payday lenders profits because it doesn't touch the current 175% cap rate. (Unfortunately, that bill died.)
This bill should be welcomed by Small Loan Lenders that want to be in compliance with NM laws. It clarifies and provides consistency between two major laws (Banking Installment Loan Act and the Small Loans Act) as to how the reporting should be done.
This bill will provide transparency and needed information about this industry and how it impacts NM economy.
It would be a shame if Senator Clemente, won't even give this bill a hearing. The truth is that we've had a companion bill
SB567 which is sponsored by Senator Benny Shendo in his committee for over two weeks. Please give a call to Senator Clemente Sanchez at (505) 986-4513 and ask him:
Please schedule HB150 to be heard in his committee; and