New Mexico reins in payday loans– Las Cruces Sun News
New Mexico is reining in high-interest loans from the storefront lending industry under HB480 signed by Gov. Susana Martinez. Signed on Thursday, the legislation effectively eliminates payday loans by definition and caps interest rates at 175 percent. Small loans that have terms less than 120 days are banned.
A proposal to raise New Mexico’s statewide minimum wage with HB442 to $9.25 an hour from $7.50 has been vetoed. Gov. Martinez said in a veto message Thursday that small business in rural areas cannot sustain the proposed increase and criticized the Legislature for proposing tax increases at the same time.
A SB227 to spur the installation of solar panels on New Mexico state buildings has been vetoed. Gov. Martinez said in a veto message Thursday the legislation would have required additional agency staff without providing the necessary financial resources. The bill from Democratic Rep. Jeff Steinborn of Las Cruces would have directed the New Mexico General Services Department to pursue contracts with solar providers that save the state money on electricity costs over time with no up-front public investment. The General Services Department oversees 750 state buildings.
Gov. Martinez has vetoed SB393 that would have expanded financial disclosure requirements for lobbyists. Martinez on Thursday rejected new requirements that lobbyists report expenses under $100 that are spent on lawmakers and other public officials.
Gov. Martinez says she vetoed HB175 designed to curb the use of solitary confinement in jails and prisons because it could have endangered the lives of inmates and guards. Martinez on Thursday vetoed a bill that would have banned the placement of pregnant women and juveniles in solitary confinement. The bill also would have limited the use of solitary confinement on inmates suffering from mental illness. - -4/7/2017