Steve Terrell Consultant

New Mexico Ethics Watch was happy when the state Legislature passed House Bill 132, setting a 36% interest rate cap on small loans in this state, and when Gov. Michelle Lujan Grisham subsequently signed the bill. Our organization published a report shortly before the legislative session began, showing how storefront lenders, who have been allowed to charge interest rates up to 175%, have helped keep many low-income families in a seemingly endless cycle of poverty.