I am writing to commend State Rep. Susan Herrera, D-Embudo, for her leadership and perseverance in the successful effort to end predatory lending in New Mexico.
Rep. Herrera was the lead sponsor of House Bill 132, which will reduce the maximum annual interest rate on small loans from 175 percent, one of the highest rates allowed anywhere in the nation, to 36 percent. The bill was opposed by an army of lobbyists for the predatory lending industry who went all out to stop it and Rep. Herrera prevailed.
In so doing, she delivered a historic victory for her constituents – and all New Mexicans. Thanks to her dedicated efforts, hundreds of thousands of hardworking New Mexicans will soon be protected from falling into triple-digit interest rate debt traps.
Fred Nathan, Jr.
Founder, executive director
Think New Mexico