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>> THIS WEEK IN SANTA FE, COMMITTEE MEETINGS ARE THE PLACE WHERE SOME OF THE MOST IMPORTANT ACTION IS TAKING PLACE AND OUR CORRESPONDENT GWYNETH DOLAND FOLLOWED A PROPOSAL TO CAP INTEREST RATES FOR SHORT TERM LOANS LIKE TITLE LOANS HERE IN NEW MEXICO. HERE IS HER REPORT FROM THE ROUNDHOUSE. >> LAWMAKERS IN SANTA FE, THIS WEEK, HEARD TESTIMONY ABOUT A SERIES OF PROPOSALS THAT WOULD CAP INTEREST RATES ON TITLE LOANS AND OTHER TYPES OF STORE FRONT LOANS. REPRESENTATIVES OF THE COMPANIES TOLD LAWMAKERS IN A COMMITTEE THAT THE PROPOSALS WOULD KILL JOBS AND PUT THEIR COMPANIES OUT OF BUSINESS. LEAVING THOSE WHO TAKE OUT THE LOANS WITH NOWHERE ELSE TO GO. MEANWHILE FAITH LEADERS TESTIFIED IN SUPPORT OF THE CAP, SAYING THAT THE COMPANIES PREYED ON THE VULNERABLE. >> IT HAS A REALLY DELETERIOUS EFFECT ON FAMILIES, ON PEOPLE, WHO CAN'T SPEND THEIR MONEY ON OTHER THINGS AND THEY GET TRAPPED AND SOME OF THEM HAVE TO GO TO BANKRUPTCY. IT IS NOT A GOOD WAY AND FROM OUR POINT OF VIEW OF PEOPLE OF FAITH, IT IS IMMORAL TO TRAP PEOPLE IN THIS KIND OF DEBT AND AS WE ALL -- IF ANY OF US GETS TRAPPED IN DEBT IT IS HARD, BUT ESPECIALLY HARD FOR PEOPLE ON THE LOWEST END OF THE INCOME SCALE BECAUSE THEY DROWN. THEY CAN'T GET OUT. WE SAVE PEOPLE FROM A LOT OF THINGS, BECAUSE OUR COMMUNITY, OUR COMMUNITY AND OUR LAWS ARE WHAT WE SAY IN COMMUNITY IS VALUABLE AND OUR VALUES, WE SAVE PEOPLE FROM DRUGS. WE SAVE PEOPLE FROM EVEN SPEEDING DOWN THE HIGHWAY THAT ENDANGERS THE REST OF US, WE DID A LOT OF THAT. >> BUSINESS PLANS AND BUSINESSES THAT ARE DESIGNED AND ENGINEERED TO SOLELY TO TAKE ADVANTAGE OF THE POOREST PEOPLE IN THE STATE OF NEW MEXICO ARE NOT JUST WRONG, IT IS IMMORAL AND THIS PRACTICE HAS TO STOP. TO CONTINUE TO CHARGE POOREST NEW MEXICANS HUNDREDS OF THOUSANDS PERCENT INTEREST ON THESE SMALL LOANS, KNOWING THAT PEOPLE TAKE THESE LOANS OUT IN MOMENTS OF SEVERE NEED OR DESPERATION, IT IS TRULY A MORAL CRISIS. >> BOTH BILLS ADDRESS THE ISSUE OF PREDATORY LENDING AND THE EXPLOITATION OF THE MOST VULNERABLE IN OUR COMMUNITIES. I REPRESENT A DISTRICT THAT HAS THE HIGHEST FORECLOSURE RATE IN THE STATE OF NEW MEXICO. IT HAS ONE OF THE HIGHEST POVERTY RATES IN THE STATE OF NEW MEXICO. AND IT IS UNCONSCIONABLE FOR ME AND UNBELIEVABLE THAT THERE ARE THESE SHORT-TERM LENDING PREDATORY LENDING COMPANIES ALMOST ON EVERY BLOCK IF NOT EVERY TWO BLOCKS AS YOU DRIVE THROUGH NOT ONLY MY DISTRICT BUT THE ACCOMPANYING DISTRICTS SURROUNDING THAT AREA. IT IS NOT AN ISSUE OF PROVIDING CREDIT TO THE VULNERABLE. IT IS AN ISSUE OF THESE COMPANIES PREYING ON THE FACT THAT WE HAVE CITIZENS THAT ARE STRUGGLING TO MEET THEIR INDEBTEDNESS AS IT IS, TO BEGIN WITH, LIVING AT OFTENTIMES A MINIMUM WAGE IF NOT LOWER THAN MINIMUM WAGE, AND HAVING NO ACCESS TO CASH OR CAPITAL. AND THAT IS WHAT IS VERY IMPORTANT HERE IS THAT WE HAVE HAD RESPONSES FROM THE INDUSTRY SAYING, WELL, YOU KNOW, WE'RE AFFORDING THEM THE OPPORTUNITY TO HAVE CASH. WELL, YOU DON'T AFFORD THESE POPULATIONS THE OPPORTUNITY TO HAVE ACCESS TO CASH IF IT IS A SHORT TERM FIX BUT THEY ARE GOING TO REMAIN IN DEBT FOR YEARS AND YEARS. SO, WHAT STARTS OUT AS A SMALL NEED FOR A SMALL AMOUNT OF CASH, ENDS UP BEING ROLLED OVER AND ROLLED OVER AND ROLLED OVER TO ENCUMBER THOUSANDS OF DOLLARS OF ADDITIONAL COSTS IN INTEREST. IT IS ABSOLUTELY IMPERATIVE THAT WE AS DEMOCRATS AND AS RESPONSIBLE REPUBLICANS, AND I AM SURE THERE ARE SOME RESPONSIBLE REPUBLICANS OUT THERE, THAT REPRESENT THE SAME TYPE OF CONSTITUENTS THAT I DO, RESPOND RESPONSIBLY BY SUPPORTING A 36% CAP. WE LOSE APPROXIMATELY ING TO OUR STATE AGENCIES, 100 MILLION A YEAR IS SPENT BY POOR PEOPLE JUST ON INTEREST AND FEES ALONE. 75% OF THOSE COMPANIES ARE FROM OUT OF STATE, SO THAT IS MONEY THAT IS NOT TURNING OVER IN NEW MEXICO. PEOPLE ARE NOT SPENDING THAT ON FOOD FOR THEIR CHILDREN, ON CLOTHING, ON TRANSPORTATION. >> IN 2007, CONGRESS PASSED A 36% CAP ON INTEREST RATES AND FEES FOR PAY DAY LOANS FOR MILITARY MEMBERS. BUT THAT ONLY APPLIES TO ACTIVE DUTY SERVICE MEMBERS, NOT VETERANS. >> I AM A VETERAN MYSELF, I HAVE BEEN FORTUNATE. I HAVE MANAGED TO STAY EMPLOYED EVER SINCE I GOT OUT OF THE SERVICE AND WENT THROUGH GRADUATE SCHOOL ON THE GI BILL AND SO FORTH, BUT, I AM ONE OF THE LUCKY ONES. BACK IN THE DEFENSE APPROPRIATIONS BILL OF 2007, THEY INCLUDED LEGISLATION WHICH PROHIBITED SHORT TERM LENDERS FROM A NUMBER OF PRACTICES WHICH WERE SERIOUSLY AFFECTING MILITARY SERVICES. A LOT OF PEOPLES' CAREERS WERE RUINED, PARTICULARLY ENLISTED MEN WERE RUINED BECAUSE THEY GOT TRAPPED INTO A CYCLE OF BORROWING FROM SHORT TERM LENDERS. SO THE DEFENSE DEPARTMENT REPORTED TO THE CONGRESS AND CONGRESS PASSED THIS LEGISLATION WHICH OUTLAWED MOST OF THESE PRACTICES. THERE WERE STILL A FEW LOOPHOLES AND IT WAS STRENGTHENED AGAIN IN 2012. SO MILITARY PERSONNEL ARE PROTECTED FROM -- YOU KNOW, LENDERS CAN GO AFTER THEM BUT THEY WOULD BE BREAKING THE LAW IF YOU GET CAUGHT BUT IT DOESN'T APPLY ONCE THEY LEFT THE SERVICE. SO VETERANS ARE PARTICULARLY VULNERABLE, ESPECIALLY RETURNING VETERANS THESE DAYS WHO ARE HAVING TROUBLE FINDING JOBS. SO THEY ARE RUNNING OUT OF MONEY AND THEY GET TRAPPED INTO THIS CYCLE OF LENDING FROM ONE OF THESE SHORT-TERM LENDERS. THEY HAVE NO PROTECTION. IN THAT SENSE THEY ARE NO DIFFERENT THAN THE REST OF THE LOW INCOME POPULATION OF THE STATE AND I AM NOT JUST CONCERNED WITH THE VETERANS. I HAVE A BROADER CONCERN FOR LOW INCOME POPULATION IN THIS STATE WHICH IS, AS YOU KNOW, ALL THE PLACES WHERE WE RANK AT THE BOTTOM AND SO THEY ARE ESPECIALLY VULNERABLE. >> REPRESENTATIVE GAIL CHASEY ALSO CONNECTED THIS LEGISLATION TO CAP SHORT TERM LOANS TO PRIORITIES FOR THE DEMOCRATIC PARTY LIKE RAISING THE MINIMUM WAGE. >> THERE HAS TO BE A BETTER WAY FOR THESE PEOPLE. THESE PEOPLE ARE REALLY NOT QUALIFIED TO HAVE THE KIND OF LOAN THAT IS BEING AFFORDED THEM. WHAT THEY REALLY NEED, THESE PEOPLE, IS THEY NEED A JOB AND THEY NEED A JOB AT A DECENT LIVING WAGE AND WITHOUT THOSE, WE'RE NOT REALLY HELPING THOSE PEOPLE EITHER. >> MANY COMPANY REPRESENTATIVES AND LOBBYIST TESTIFIED IN COMMITTEE. WE TRIED TO TALK WITH THEM, BUT NONE WOULD GO ON CAMERA WITH US. HOUSE REGULATORY AND PUBLIC AFFAIRS COMMITTEE VOTED 4-3 ALONG PARTY LINES TO TABLE BOTH BILLS. >> COMMITTEE CHAIR YVETTE HERRELL SAID SHE WANTS TO WAIT AND SEE WHAT THE INDUSTRY PROPOSES BEFORE MOVING FORWARD. >> FOR THE LATEST UPDATES ON THESE BILLS AND OTHER COVERAGE IN OUR PEOPLE, POWER AND DEMOCRACY PROJECT GO TO NEWMEXICOINFOCUS.ORG.