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Campaign money

Campaign money

Whenever brand brand New Mexico state Sen. William P. Soules filed a bill in December 2014 to cap name loan interest at 36 per cent, it quickly passed away.

Soules, a Democrat, called it a “very big learning experience.” He stated that “without any doubt” industry lobbying and campaign contributions doomed the bill.

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

Two similar bills died in the past couple of years, despite a poll showing 86 % 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.